15:55 Done Assignment 3-instructions new_d3... Q January, reary, 'an 2: The LaGrange Corporation had the following budgeted sales for the 3 of 3 of the current year: January February March April May June Page 2 of 3 ACC 222-Managerial Accounting Assignment 3 Cash Sales Credit Sales $50,000 $150,000 $55,000 $170,000 $43,000 $130,000 $38,000 $123,000 $48,000 $200,000 $80,000 $170,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on sales: 50% in month of sale 40% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $65,000. Required: Prepare expected cash collections budget for January, February, March, April and May Question 3: Chapter 11: Standard Costs and Variances; page 499: 1. Exercise 11-1, Calculate materials price and quantity variances. [1 mark) II. Exercise 11-2, Calculate Labor rate and labor efficiency variances (1 mark) Pa 15:55 Done Assignment 3-instructions new_d3... Q ACC 222-Managerial Accounting Assignment 3 Question 1. A sales budget is given below for one of the products manufactured by the Key Company January February March April 21,000 units 36,000 units 61,000 units 41,000 units 31,000 units May June 25,000 units The inventory of finished goods at the end of each month should equal 20% of the next month's sales. However, on December 31 the finished goods inventory totaled only 4,000 units. Each unit of product requires three specialized electrical switches. Since the production of these specialized switches by Key's suppliers is sometimes imegular, the company has a policy of maintaining an ending inventory at the end of each month equal to 30% of the next month's production needs. This requirement had been met on January 1 of the current year. Required: a. Prepare a budget showing the required production each month for January February, March, and April b. Prepare a budget showing the quantity of switches to be purchased each month January, February, and March for Question 2: The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March April May June ACC 222-Managerial Accounting Assignment 3 Cash Sales Credit Sales $50,000 $150,000 $55,000 $170,000 $43,000 $130,000 $38,000 $123,000 $48,000 $200,000 $80,000 $170,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: 15:55 Done Assignment 3-instructions new_d3... Q Dear Students, ACC 222-Managerial Accounting Assignment 3 ACC 222-Managerial Accounting Assignment 3 ng while doing the assignment Please keep in mind the following w This assignment is worth 10% of your grades. . Hard copies/late submissions are not accepted. The last date of 24 May 2022: 11:55 PM (night). Time duration: 90 minutes. This is an individual assignment Iv. Please print the assignment & solve it (optional). v. Once you have answered all the questions, please enter the required answers/figures in the link called" Assignment." vi. Marks will be indicated next to the questions on Moodle. vil. Do not use the unit or dollar signs. vill. Refer to your text book-Principles of Managerial Accounting, 4th Edition (international edition) by E. Noreen, P. Brewer and R. Garrison, by McGraw-Hill Education, ISBN: 978-1-260-08412-2. You are required to solve the following: ACC 222-Managerial Accounting Assignment 3 Question 1. A sales budget is given below for one of the products manufactured by the Key Company January 21,000 units February 36,000 units March 61,000 unts April 41,000 units May 31,000 units June 25,000 units