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Exercise 24-06 a-b (Part Level Submission) On January 1, 2020, the Hardin Company budget committee...

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Accounting

Exercise 24-06 a-b (Part Level Submission)

On January 1, 2020, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020.

Sales units: First quarter 6,000; second quarter 6,900; third quarter 7,400.
Ending raw materials inventory: 40% of the next quarters production requirements.
Ending finished goods inventory: 25% of the next quarters expected sales units.
Third-quarter production: 7,840 units.

The ending raw materials and finished goods inventories at December 31, 2019, follow the same percentage relationships to production and sales that occur in 2020. 4 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $5 per pound.

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(a) Prepare a production budget by quarters for the 6-month period ended June 30, 2020. HARDIN COMPANY Production Budget Quarter Six Months

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