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Swifty Corporation budgets on an annual basis for its fiscal year
Swifty Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels are planned for the fiscal year of July 1, 2016 to June 30, 2017:
Raw Materials
Three kilos of ra
June 30, 2017 ur), 2016 3000 kilos 1000 kilos
w materials are needed to produce each unit of finished product. If Swifty Corporation plans to produce 480000 units during the 2016-2017 fiscal year
company need to purchase for its production during the year?
1442000 1446000 1440000 1439000
Expert Solution
Ending Inventory on June 30, 2017 = 3,000 Kilos
Beginning Inventory on June 30, 2016 = 1,000 Kilos
Inventory required for production during 2016-2017;
= 480,000 Units x 3 Kilos/Unit = 1,440,000 Kilos
Inventory needed to be purchased = Raw material required for production + Ending Inventory required - Beginning Inventory
= 1,440,000 + 3,000 - 1,000
= 1,442,000 Kilos
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