1-3 is done (hopefully correctly) need help with 4-8
4. Cash Payments of Materials Purchases: Johnson Inc. purchases raw materials on account for use in production. Sheets of metal used in production cost $2.00 each. Sixty-five percent of a month's purchases are paid for in the month of purchase; the other thirty-five percent is paid for in the following month. No discount terms are available. The accounts payable balance on June 30 is $24,200. Required: Prepare a cash payments for materials purchases budget and answer the following questions: 1. How much cash is required for payments made on account, payable in the month of July? 2. How much cash is required for payments made on account, payable in the month of August? 3. How much cash is required for payments made on account, payable in the month of September? 4. What is the accounts payable balance on September 30, 2017? Check Figure: Total budgeted cash payments made for materials purchases for the quarter- S282,580 5. Cash Payments for Direct Labor: Each unit produced requires 30 minutes (0.5 hours) of direct labor. Employees are paid at a rate of $7.00 per hour. Required: Prepare a cash payments for direct labor budget, showing total labor cost by month and in total for the quarter. Check Figure: Total budgeted cash payments made for direct labor for the quarter -S167,563 6. Cash Payments for Manufacturing Overhead Variable manufacturing overhead is $1.50 per unit produced and fixed manufacturing overhead is $25,000 per month. Fixed manufacturing overhead includes S10,000 in depreciation which does not require a cash outflow. Required Prepare a cash payments for manufacturing overhead budget, showing total manufacturing overhead cost by month and in total for the quarter. Check Figure: Total budgeted cash payments made for manufacturing overhead for the quarter S116,813