Lorenzos Frozen Pizza Inc. has determined from its production budget the following estimated production volumes...
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Accounting
Lorenzos Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September:
Units | ||||
12" Pizza | 16" Pizza | |||
Budgeted production volume | 13,200 | 20,800 |
Three direct materials are used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows:
12" Pizza | 16" Pizza | ||||
Direct materials: | |||||
Dough | 0.80 | lb. per unit | 1.50 | lb. per unit | |
Tomato | 0.50 | 0.70 | |||
Cheese | 0.70 | 1.30 |
In addition, Lorenzos has determined the following information about each material:
Dough | Tomato | Cheese | ||||
Estimated inventory, September 1 | 530 | lb. | 180 | lb. | 380 | lb. |
Desired inventory, September 30 | 560 | lb. | 170 | lb. | 410 | lb. |
Price per pound | $1.50 | $2.70 | $3.10 |
Prepare September's direct materials purchases budget for Lorenzos Frozen Pizza Inc. When required, enter unit prices to the nearest cent.
Dough | Tomato | Cheese | Total | |
Units required for production: | ||||
12" pizza | fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | |
16" pizza | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 | |
Less desired inventory, September 1Less desired inventory, September 30Less estimated inventory, September 1Plus desired inventory, September 30Plus estimated inventory, September 1 | - Select - | - Select - | - Select - | |
Total pounds required | fill in the blank 11 | fill in the blank 12 | fill in the blank 13 | |
Less desired inventory, September 1Less desired inventory, September 30Less estimated inventory, September 1Plus desired inventory, September 30Plus estimated inventory, September 1 | - Select - | - Select - | - Select - | |
Total pounds to be purchased | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | |
Unit price (per pound) | x $fill in the blank 21 | x $fill in the blank 22 | x $fill in the blank 23 | |
Total direct materials to be purchased | $fill in the blank 24 | $fill in the blank 25 | $fill in the blank 26 | $fill in the blank 27 |
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