\#1: Top Cow Milk Company has the following Budgeted Unit Sales for the year 2024: First quarter: 40,000 units Second quarter: 48,000 units Third quarter: 55,000 Fourth quarter: 60,000 First quarter of 2025: 70,000 Top Cow Milk desires a quarterly ending finished goods inventory equal to 20% of the next month's budgeted unit sales. It started the year of 2024 with 8000 units. Four quarts of raw material are required to complete one unit of product. The company required 10% of ending raw materials inventory at the end of each quarter equal to 10% of the following quarter's production needs. At the beginning of 2024 , the company had 32,000 units (quarts) of raw materials on hand. Additional details needed for the first homework problem: --the selling price per unit is $10 --The desired ending units in Finished Good Inventory for the year is 10,000 units --The cost of raw material per unit is $2 N) Prepare a Sales Budget for all four quarters of 2024 ) Prepare a Production Budget for all four quarters of 2024 oPrepare a Direct Materials Budget for all four quarters of 2024 \#2: Mayor Corporation has the following Budgeted Sales for the year 2023: May: $400,000 June: $350,000 July: $200,000 August: $550,000 September: $600,000 From past experience, the company has learned that 25% of sales are collected in the month of the sale, 40% are collected in the following month, and 35% are collected in second month after the sale. Bad debts are negligible and can be ignored. ) Prepare a Schedule of Cash Collections from sales, by month and in total, for the third quarter (July, August, September). ) What is the Accounts Receivable balance on September 30 ? \#3: Anderson Corporation Anderson Corporation has provided the following budgeted information for February 2023 for its planning budget and standard cost card: Fixed Selling and Administrative for the month $9000/ month Each unit produced requires 6 pounds of direct materials, 2 hours of direct labor, and the company bases its manufacturing overhead on Direct Labor hours. During February, Anderson Corporation produced and sold 2000 units at a selling price of $575 /unit. N. Prepare a Standard Cost Card (see page 403) w Prepare a Planning Budget at 2000 units oPrepare a Flexible Budget for any number of units \#4: Anderson Corporation (use the date above in \#3) For the month of February, the company produced 2000 units as planned. It actually used11,900 pounds of direct material that cost \$1.15/pound. Workers actually worked 4200 hours at a rate of $14.50 hour. Variable manufacturing overhead actually was $7800. Fixed Selling and Administrative actually was $10,000. N, Calculate Materials Quantity Variance \# Calculate Materials Price Variance oCalculate Labor Efficiency Variance D. Calculate Labor Rate Variance ECalculate Variable Overhead Efficiency Variance A Calculate Variable Overhead Rate Variance Show your formulas for #4. Label each of the items A thru F as being either Favorable or Unfavorable variances
