Material purchases budget Hard Core had budgeted sales of 152,000 feet of its concrete culvert products for June. Each foot of product requires 4 pounds of concrete ($0.10 per pound) and 7.5 pounds of gravel ($0.04 per pound). Actual beginning inventories and projected ending inventories follow. June 1 June 30 Finished Goods Inventory (in feet) 9,800 8,000 Concrete (in pounds) 32,800 27,440 Gravel (in pounds) 26,120 37,000 Note: When answering the following questions, round your answers to the nearest whole dollar or pound. a. How many pounds of concrete did Hard Core plan to purchase in June? Answer pounds What was the cost of those purchases? $Answer
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Material purchases budget
Hard Core had budgeted sales of 152,000 feet of its concrete culvert products for June. Each foot of product requires 4 pounds of concrete ($0.10 per pound) and 7.5 pounds of gravel ($0.04 per pound). Actual beginning inventories and projected ending inventories follow.
| June 1 | June 30 | |
|---|---|---|
| Finished Goods Inventory (in feet) | 9,800 | 8,000 |
| Concrete (in pounds) | 32,800 | 27,440 |
| Gravel (in pounds) | 26,120 | 37,000 |
Note: When answering the following questions, round your answers to the nearest whole dollar or pound.
a. How many pounds of concrete did Hard Core plan to purchase in June? Answer pounds
What was the cost of those purchases? $Answer
b. How many pounds of gravel did Hard Core plan to purchase in June? Answer pounds
What was the cost of those purchases? $Answer
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
