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Wyatt Co. has budgeted the following unit sales: 2011 Units Jan 10,000 Feb 8,000 March 9,000 April 11,000 May 15,000 The finished goods units on hand...

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Wyatt Co. has budgeted the following unit sales: 2011 Units Jan 10,000 Feb 8,000 March 9,000 April 11,000 May 15,000 The finished goods units on hand on Dec. 31, 2010 was 2,000 units. Each unit requires 2 pounds of raw material that are estimated to cost an average of $4 per pound. It is the company’s policy to maintain a finished goods inventory at the end of each month equal to 10% of next month’s anticipated sales. They also have a policy of maintaining a raw material inventory at the end of each month equal to 20% of the pounds needed for the following month’s production. There were 3,920 pounds of raw material on hand at Dec. 31, 2010 For the first quarter of 2010, prepare (1) a production budget and (2) a direct materials budget.
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