Sep 21, 2017 term paper 2

TINA’S FINE JUICES IS A BOTTLER OF ORANGE JUICE. THE COMPANY PRODUCES BOTTLED ORANGE JUICE FROM…

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Tina’s Fine Juices is a bottler of orange juice. The company produces bottled orange juice from fruit concentrate purchased from suppliers in Arizona and California. The only ingredients in the juice are water and concentrate. The juice is blended, pasteurized and bottled for sale in 12 ounce plastic bottles. The process is heavily automated and is centered on five machines that control the mixing and bottling of the juice. Each machine is run by one employee and can process 10 bottles of juice per minute, or 600 bottles per hour. The juice is sold by several grocery stores under their store brand name and in smaller restaurants, delis, and bagel shops. Tina has been in business for several years and uses a sophisticated sales forecasting model based on prior sales, expected changes in demand, and economic factors affecting the industry. Sales of juice are highly seasonal, peaking in the first quarter of the year. Forecasted sales, in bottles, for the first quarter are as follows: January February March 250,000 325,000 450,000 Tina sells the juice for $1.05 per bottle, in cases of 50 bottles. In proper order and form, project a sales budget for the 1st quarter. _________________________________________________ _________________________________________________ _________________________________________________ January February March 1st Qtr Forecasted Units _________ _________ _________ _________ Unit Selling Price _________ _________ _________ _________ Budgeted Sales _________ _________ _________ _________ Budget EOC Production Budget Tina tries to maintain at least 10% of next month’s sales forecast in inventory at the end of each month. Because sales have been projected to increase dramatically, the company does not want to run the risk of running out of juice to customers. The beginning inventory for January was 25,000 bottles, and April sales are forecasted at 500,000 bottles. In proper order and form, project a production budget for the 1st quarter. Assume all of the information from the sales budget still applies.(ROUND ALL CALCULATIONS TO THE NEAREST WHOLE DOLLAR) Budget Project Direct Materials Budget Tina needs to prepare two purchases budgets; one for concentrate used in the orange juice and one for the bottles that are purchased from outside suppliers. (NOTE: YOU ARE ONLY REQUIRED TO COMPLETE A PURCHASES BUDGET FOR CONCENTRATE.) It takes one gallon of orange concentrate for every 32 bottles of finished product. Each gallon of concentrate costs $4.80. It takes one bottle for each unit produced. Each bottle costs $0.10. Tina requires that 20% of next month’s direct materials need to be on hand at the end of each budget period. Projected orange concentrate needed for April is 15,315 gallons. Projected bottles needed for April is 490,000. January beginning inventory of orange concentrate is 1,609 gallons. January beginning inventory of bottles is 51,500. In proper order and form, project a direct materials budget for concentrate (YOU ARE NOT REQUIRED TO COMPLETE A BUDGET FOR BOTTLES) Assume all of the information from the sales/production budgets still applies.


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