The Tori Company had budgeted production for the year as follows: Quarter 1 2...
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Accounting
The Tori Company had budgeted production for the year as follows:
Quarter 1 2 3 4
Production in units 10,000 12,000 16,000 14,000
Four pounds of raw materials are required for each unit produced. Raw materials on hand at the start of the year total 4,000 lbs. The raw materials inventory at the end of each quarter should equal 10% of the next quarter's production needs in materials. Budgeted purchases of raw materials in the third quarter would be:
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