Snap, Inc., provides the following data for the next three months:
Desired ending inventory:
Raw Materials = 30% of next month's production needs
Pounds of raw material required for each finished Unit = 5 lbs.
Calculate the amount of purchases of raw materials in pounds for April and May.
Definitions:
Shortage
A situation where the demand for a product exceeds its supply at the current price, leading to a scarcity of the product in the market.
Supply Shift
A change in the quantity of a product or service that producers are willing and able to sell at all possible prices in the market.
Increase
A rise in quantity, value, or some other measure, indicating growth or gain in specifics.
Decrease
A reduction in quantity, size, or intensity of a specific variable or entity.
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