Lens Junction sells lenses for $44 each and is estimating sales of 15,000 units in January and 19,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $16 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,700 4,700 5,200 Direct materials: silicon 8,400 9,000 9,100 Direct materials: solution 11,300 12,100 13,100 Question Content Area Prepare a sales budget. Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales (Units) fill in the blank e3844e01cfa6fde_1 fill in the blank e3844e01cfa6fde_2 Sales Price per Unit $fill in the blank e3844e01cfa6fde_3 $fill in the blank e3844e01cfa6fde_4 Total Sales Revenue $fill in the blank e3844e01cfa6fde_5 $fill in the blank e3844e01cfa6fde_6 Total $fill in the blank e3844e01cfa6fde_7 Question Content Area Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 3a61cf015024079_1 fill in the blank 3a61cf015024079_2 Less: Desired Ending Inventory Less: Desired Ending Inventory Total Required Units fill in the blank 3a61cf015024079_6 fill in the blank 3a61cf015024079_7 Add: Beginning Inventory Add: Beginning Inventory Required Production fill in the blank 3a61cf015024079_11 fill in the blank 3a61cf015024079_12 Total fill in the blank 3a61cf015024079_13 Question Content Area Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 7dfce90a0fb6fdc_1 fill in the blank 7dfce90a0fb6fdc_2 Direct Material per Unit fill in the blank 7dfce90a0fb6fdc_3 fill in the blank 7dfce90a0fb6fdc_4 Total Ounces Needed for Production fill in the blank 7dfce90a0fb6fdc_5 fill in the blank 7dfce90a0fb6fdc_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank 7dfce90a0fb6fdc_10 fill in the blank 7dfce90a0fb6fdc_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank 7dfce90a0fb6fdc_15 fill in the blank 7dfce90a0fb6fdc_16 Cost per Ounce $fill in the blank 7dfce90a0fb6fdc_17 $fill in the blank 7dfce90a0fb6fdc_18 Total Cost of Direct Material Purchase $fill in the blank 7dfce90a0fb6fdc_19 $fill in the blank 7dfce90a0fb6fdc_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX blank

Lens Junction sells lenses for $44 each and is estimating sales of 15,000 units in January and 19,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $16 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,700 4,700 5,200 Direct materials: silicon 8,400 9,000 9,100 Direct materials: solution 11,300 12,100 13,100 Question Content Area Prepare a sales budget. Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales (Units) fill in the blank e3844e01cfa6fde_1 fill in the blank e3844e01cfa6fde_2 Sales Price per Unit $fill in the blank e3844e01cfa6fde_3 $fill in the blank e3844e01cfa6fde_4 Total Sales Revenue $fill in the blank e3844e01cfa6fde_5 $fill in the blank e3844e01cfa6fde_6 Total $fill in the blank e3844e01cfa6fde_7 Question Content Area Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 3a61cf015024079_1 fill in the blank 3a61cf015024079_2 Less: Desired Ending Inventory Less: Desired Ending Inventory Total Required Units fill in the blank 3a61cf015024079_6 fill in the blank 3a61cf015024079_7 Add: Beginning Inventory Add: Beginning Inventory Required Production fill in the blank 3a61cf015024079_11 fill in the blank 3a61cf015024079_12 Total fill in the blank 3a61cf015024079_13 Question Content Area Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 7dfce90a0fb6fdc_1 fill in the blank 7dfce90a0fb6fdc_2 Direct Material per Unit fill in the blank 7dfce90a0fb6fdc_3 fill in the blank 7dfce90a0fb6fdc_4 Total Ounces Needed for Production fill in the blank 7dfce90a0fb6fdc_5 fill in the blank 7dfce90a0fb6fdc_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank 7dfce90a0fb6fdc_10 fill in the blank 7dfce90a0fb6fdc_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank 7dfce90a0fb6fdc_15 fill in the blank 7dfce90a0fb6fdc_16 Cost per Ounce $fill in the blank 7dfce90a0fb6fdc_17 $fill in the blank 7dfce90a0fb6fdc_18 Total Cost of Direct Material Purchase $fill in the blank 7dfce90a0fb6fdc_19 $fill in the blank 7dfce90a0fb6fdc_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX blank

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 1PA: Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and...

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Question Content Area

Prepare a sales budget.

Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX

	January	February
Expected Sales (Units)	fill in the blank e3844e01cfa6fde_1	fill in the blank e3844e01cfa6fde_2
Sales Price per Unit	$fill in the blank e3844e01cfa6fde_3	$fill in the blank e3844e01cfa6fde_4
Total Sales Revenue	$fill in the blank e3844e01cfa6fde_5	$fill in the blank e3844e01cfa6fde_6
Total	$fill in the blank e3844e01cfa6fde_7

Question Content Area

Prepare a production budget.

Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX

	January	February
Expected Sales	fill in the blank 3a61cf015024079_1	fill in the blank 3a61cf015024079_2
	Less: Desired Ending Inventory	Less: Desired Ending Inventory
Total Required Units	fill in the blank 3a61cf015024079_6	fill in the blank 3a61cf015024079_7
	Add: Beginning Inventory	Add: Beginning Inventory
Required Production	fill in the blank 3a61cf015024079_11	fill in the blank 3a61cf015024079_12
Total	fill in the blank 3a61cf015024079_13

Question Content Area

Prepare direct materials budget for silicon.

Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank 7dfce90a0fb6fdc_1	fill in the blank 7dfce90a0fb6fdc_2
Direct Material per Unit	fill in the blank 7dfce90a0fb6fdc_3	fill in the blank 7dfce90a0fb6fdc_4
Total Ounces Needed for Production	fill in the blank 7dfce90a0fb6fdc_5	fill in the blank 7dfce90a0fb6fdc_6
	Add: Desired Ending Inventory	Add: Desired Ending Inventory
Total Material Required	fill in the blank 7dfce90a0fb6fdc_10	fill in the blank 7dfce90a0fb6fdc_11
	Less: Beginning Inventory	Less: Beginning Inventory
Ounces of Direct Material Purchase Requirements	fill in the blank 7dfce90a0fb6fdc_15	fill in the blank 7dfce90a0fb6fdc_16
Cost per Ounce	$fill in the blank 7dfce90a0fb6fdc_17	$fill in the blank 7dfce90a0fb6fdc_18
Total Cost of Direct Material Purchase	$fill in the blank 7dfce90a0fb6fdc_19	$fill in the blank 7dfce90a0fb6fdc_20
Total Direct Materials Silicon for Two Months Ending February 28, 20XX	blank	$fill in the blank 7dfce90a0fb6fdc_21

Question Content Area

Prepare direct materials budget for solution.

Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank 8e79920d0064fb0_1	fill in the blank 8e79920d0064fb0_2
Direct Material per Unit	fill in the blank 8e79920d0064fb0_3	fill in the blank 8e79920d0064fb0_4
Total Ounces Needed for Production	fill in the blank 8e79920d0064fb0_5	fill in the blank 8e79920d0064fb0_6
	- Select -	- Select -
Total Material Required	fill in the blank 8e79920d0064fb0_10	fill in the blank 8e79920d0064fb0_11
	- Select -	- Select -
Ounces of Direct Material Purchase Requirements	fill in the blank 8e79920d0064fb0_15	fill in the blank 8e79920d0064fb0_16
Cost per Ounce	$fill in the blank 8e79920d0064fb0_17	$fill in the blank 8e79920d0064fb0_18
Total Cost of Direct Material Purchase	$fill in the blank 8e79920d0064fb0_19	$fill in the blank 8e79920d0064fb0_20
Total Direct Materials Solution for Two Months Ending February 28, 20XX		$fill in the blank 8e79920d0064fb0_21

Question Content Area

Prepare a direct labor budget.

Lens JunctionDirect Labor BudgetFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank f050100cd00b06e_1	fill in the blank f050100cd00b06e_2
Direct Labor Hours per Unit	fill in the blank f050100cd00b06e_3	fill in the blank f050100cd00b06e_4
Total Required Direct Labor Hours	fill in the blank f050100cd00b06e_5	fill in the blank f050100cd00b06e_6
Labor Cost per Hour	$fill in the blank f050100cd00b06e_7	$fill in the blank f050100cd00b06e_8
Total Direct Labor Cost	$fill in the blank f050100cd00b06e_9	$fill in the blank f050100cd00b06e_10
Total Direct Labor Budget For Two Months Ending February 28, 20XX		$fill in the blank f050100cd00b06e_11

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Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank 8e79920d0064fb0_1	fill in the blank 8e79920d0064fb0_2
Direct Material per Unit	fill in the blank 8e79920d0064fb0_3	fill in the blank 8e79920d0064fb0_4
Total Ounces Needed for Production	fill in the blank 8e79920d0064fb0_5	fill in the blank 8e79920d0064fb0_6
	- Select -	- Select -
Total Material Required	fill in the blank 8e79920d0064fb0_10	fill in the blank 8e79920d0064fb0_11
	- Select -	- Select -
Ounces of Direct Material Purchase Requirements	fill in the blank 8e79920d0064fb0_15	fill in the blank 8e79920d0064fb0_16
Cost per Ounce	$fill in the blank 8e79920d0064fb0_17	$fill in the blank 8e79920d0064fb0_18
Total Cost of Direct Material Purchase	$fill in the blank 8e79920d0064fb0_19	$fill in the blank 8e79920d0064fb0_20
Total Direct Materials Solution for Two Months Ending February 28, 20XX		$fill in the blank 8e79920d0064fb0_21

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Prepare a direct labor budget.

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	Jan. 31	Feb. 28	Mar. 31
Beginning inventory
Finished goods	4,700	4,700	5,200
Direct materials: silicon	8,400	9,000	9,100
Direct materials: solution	11,300	12,100	13,100