![]() The Direct Material budget includes the opening inventory of raw materials Inventory Of Raw Materials Raw materials inventory is the cost of products in the inventory of the company which has not been used for finished products and work in progress inventory. ![]() Source: Production Budget () #1 – Direct Material Budget You are free to use this image on your website, templates etc, Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked Mainly there are three components, and they are as follows: Production Budget is financial planning relates to the units of product that the management thinks that the business should produce in the upcoming period to match the estimated sales quantity, which is based on the management’s judgment related to the competition in the market, economic conditions, production capacity, consumer prevailing market demands, and past trends.
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