Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November:Direct materials:DoughTomatoBudgeted production volume13,10022,600There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows:12" Pizza0.90 lb. per unit0.600.80Units12" PizzaEstimated inventory, November 1Desired inventory, November 30Price per pound16" PizzaCheeseIn addition, Tobin's has determined the following information about each material:Dough$1.301.50 lbs. per unit1.001.30590 lbs.620 lbs.16" PizzaTomato190 lbs.180 lbs.$2.70Cheese330 lbs.360 lbs.$3.40 Prepare November's direct materials purchases budget for Tobin's Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minussign.Units required for production:12" pizza16" pizzaTotal units availableTotal units to be purchasedUnit PriceTotal direct materials to be purchasedTobin's Frozen Pizza Inc.Direct Materials Purchases BudgetFor the Month Ending November 30Direct MaterialsDoughDirect Materials Direct MaterialsTomatooooooooloc00000CheeseDO▬▬▬▬QQLATotal

Direct material budget: It is the budget prepared by a company to estimate the requirement of…

Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: 16" Pizza Budgeted production volume 13,100 22,600 There are three direct materials 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 0.90 lb. per unit 0.60 0.80 Units Direct materials: Dough Tomato Cheese In addition, Tobin's has determined the following information about each material: Cheese Estimated inventory, November 1 Desired inventory, November 30 Price per pound 12" Pizza 1.50 lbs. per unit 1.00 1.30 Dough 590 lbs. 620 lbs. $1.30 Tomato 190 lbs. 180 lbs. $2.70 +3 330 lbs. 360 lbs.

Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: 16" Pizza Budgeted production volume 13,100 22,600 There are three direct materials 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 0.90 lb. per unit 0.60 0.80 Units Direct materials: Dough Tomato Cheese In addition, Tobin's has determined the following information about each material: Cheese Estimated inventory, November 1 Desired inventory, November 30 Price per pound 12" Pizza 1.50 lbs. per unit 1.00 1.30 Dough 590 lbs. 620 lbs. $1.30 Tomato 190 lbs. 180 lbs. $2.70 +3 330 lbs. 360 lbs.

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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Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: Units 12" Pizza 16" Pizza Budgeted production volume 13,600 26,800 There are three direct materials 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 0.90 lb. per unit 1.50 Ibs. per unit Tomato 0.60 1.00 Cheese 0.80 1.30 In addition, Tobin's has determined the following information about each material: Dough Tomato Cheese Estimated inventory, November 1 580 Ibs. 160 Ibs. 290 Ibs. Desired inventory, November 30 610 Ibs. 160 Ibs. 320 Ibs. Price per pound $1.10 $2.60 $3.30 Prepare November's direct materials purchases budget for Tobin's Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Lorenzo’s 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 12,500 21,800 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, Lorenzo’s has determined the following information about each material: Dough Tomato Cheese Estimated inventory, September 1 490 lb. 230 lb. 275 lb. Desired inventory, September 30 580 lb. 185 lb. 340 lb. Price per pound $0.50 $2.20 $2.60 Prepare September’s direct materials purchases budget for Lorenzo’s Frozen Pizza Inc. When required, enter unit prices to the nearest cent. Lorenzo’s Frozen Pizza Inc. Direct Materials Purchases Budget For the Month…
Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: Units 12" Pizza Units 16" Pizza Budgeted production volume 74,000 54,000 There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: Direct materials: 12" Pizza 16" Pizza Dough Tomato Cheese 0.55 lb. per unit 0.80 lb. per unit 0.25 0.70 0.40 1.20 In addition, Tobin's has determined the following information about each material: Estimated inventory, November 1 Desired inventory, November 30 Price per pound Dough Tomato Cheese $0.40 2,300 lbs. 1,100 lbs. 2,800 lbs. 2,200 lbs. 1,100 lbs. 2,800 lbs. $0.30 $0.65 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Prepare November's direct materials purchases budget for…
Lorenzo’s 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 12,600 24,700 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, Lorenzo’s has determined the following information about each material: Dough Tomato Cheese Estimated inventory, September 1 610 lb. 230 lb. 280 lb. Desired inventory, September 30 640 lb. 220 lb. 310 lb. Price per pound $1.40 $2.10 $3.30 Prepare September's direct materials purchases budget for Lorenzo’s Frozen Pizza Inc. When required, enter unit prices to the nearest cent. Lorenzo’s Frozen Pizza Inc.Direct…
Lorenzo’s 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 13,500 21,800 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, Lorenzo’s has determined the following information about each material: Dough Tomato Cheese Estimated inventory, September 1 620 lb. 200 lb. 280 lb. Desired inventory, September 30 650 lb. 190 lb. 310 lb. Price per pound $1.00 $2.20 $3.20 Prepare September's direct materials purchases budget for Lorenzo’s Frozen Pizza Inc. When required, enter unit prices to the nearest cent. Lorenzo’s Frozen Pizza Inc. Direct…
Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: 12" Pizza 16" Pizza Budgeted production volume 58,000 38,000 There are three direct materials 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 Units Direct materials: Dough 0.55 lb. per unit Tomato 0.25 Cheese 0.70 In addition, Tobin's has determined the following information about each material: 16" Pizza Units required for production: 12" pizza 16" pizza Desired inventory, November 30 Total units available Estimated inventory, November 1 Total units to be purchased Unit price Total direct materials to be purchased 0.80 lbs. per unit 0.40 1.20 1,200 lbs. Estimated inventory, November 1 Desired inventory, November 30 Dough 2,800 lbs. 2,200 lbs. $0.30 1,300 lbs. Price per pound $0.40 This information has been collected in the Microsoft Excel…
Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: 12" Pizza 16" Pizza Budgeted production volume 58,000 38,000 There are three direct materials 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 Units Direct materials: Dough 0.55 lb. per unit Tomato 0.25 Cheese 0.70 In addition, Tobin's has determined the following information about each material: 16" Pizza Units required for production: 12" pizza 16" pizza Desired inventory, November 30 Total units available Estimated inventory, November 1 Total units to be purchased Unit price Total direct materials to be purchased 0.80 lbs. per unit 0.40 1.20 Estimated inventory, November 1 Desired inventory, November 30 Dough 2,800 lbs. 2,200 lbs. $0.30 1,200 lbs. 1,300 lbs. Cheese 3,100 lbs. 3,000 lbs. $0.65 Price per pound $0.40 This information has been…
Tobin’s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for November: Units 12" Pizza 16" Pizza Budgeted production volume 73,000 53,000 There are three direct materials 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 0.55 lb. per unit 0.80 lbs. per unit Tomato 0.25 0.40 Cheese 0.70 1.20 In addition, Tobin’s has determined the following information about each material: Dough Tomato Cheese Estimated inventory, November 1 2,500 lbs. 1,100 lbs. 3,000 lbs. Desired inventory, November 30 2,000 lbs. 1,300 lbs. 2,600 lbs. Price per pound $0.30 $0.40 $0.65 Prepare November's direct materials purchases budget for Tobin’s Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus…
Salisbury Bottle Company manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: At the beginning of March, Salisburys management planned to produce 500,000 bottles. The actual number of bottles produced for March was 525,000 bottles. The actual costs for March of the current year were as follows: a. Prepare the March manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for Salisbury, assuming planned production. b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for March. c. Interpret the budget performance report.
Krouse Company produces two products, forged putter heads and laminated putter heads, which are sold through specialty golf shops. The company is in the process of developing itsoperating budget for the coming year. Selected data regarding the companys two products areas follows: Manufacturing overhead is applied to units using direct labor hours. Variable manufacturing overhead Ls projected to be 25,000, and fixed manufacturing overhead is expected to be15,000. The estimated cost to produce one unit of the laminated putter head is: a. 42. b. 46. c. 52. d. 62.
Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 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 $18 per hour. Desired inventory levels are: Â Prepare a sales budget, production budget. direct materials budget for silicon and solution, and a direct labor budget.
Cloud Shoes manufactures recovery sandals and is planning on producing 12.000 units in March and 11,500 in April. Each sandal requires 1.2 yards if material, which costs $3.00 per yard. The companys policy is to have enough material on hand to equal 15% of next months production needs and to maintain a finished goods inventory equal to 20% of the next months production needs. What is the budgeted cost of purchases for March?