The city of west hutchison is constructing a new road, which it estimates will cost $7.2 million. the city will finance the road with an expenditure-driven state construction grant of $1.2 million and a bond issuance of $6 million. prepare journal entries to record the following transactions and events for the city’s capital projects fund during calendar year 2019. no budgetary entries other than encumbrances should be recorded. 1. the city receives $6.2 million from the bond issuance. the face amount of the bonds is $6 million. 2. the city signs a contract with the lowest bidder, mary michel construction, to build the road at a cost o

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)