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Perine Company has 2,000 pounds of raw materials in its December 31, 2016, ending inventory....

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Accounting

Perine Company has 2,000 pounds of raw materials in its December 31, 2016, ending inventory. Required production for January and February of 2017 are 4,000 and 5,000 units, respectively. 2 pounds of raw materials are needed for each unit, and the estimated cost per pound is $6. Management desires an ending inventory equal to 25% of next months materials requirements. Prepare the direct materials budget for January.

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