2, 4, 5, 13 , 14

Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 5,700 units in August QS 22-13 Manufacturing: Direct materials budget LO P1 Each unit requires 3 pounds of direct materials, which cost $6 per pound. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement. As of June 30, the company has 2.700 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (unito) 4,500 Materials needed for production (bs Add Budgeted ending inventory () Total materials requirements (bs) Less Beginning inventory (lbs) Materials to be purchased (s) Materials price per pound Budgeted cost of direct materials purchases $ 6 Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4.500 units (solar panels) in July and 5 700 units in August QS 22-15 Manufacturing: Factory overhead budget LO P1 Each unit requires 4 hours of direct labor at a rate of 512 per hour. Variable factory overhead is budgeted to be 70% of cirect labor cost, and fixed factory overhead is $170,000 per month. Prepare a factory overhead budget for August MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Total budgeted direct labor Variable overhead rate Budgeted variable overhead Budgeted foed overhead Budgeted total overhead 5 70% 170.000 170.000 QS 22-22 Computing budgeted accounts receivable LO P2 Kingston anticipates total sales for June and July of $400,000 and $438,000, respectively. Cash sales are normally 60% of total sales of the credit sales, 25% are collected in the same month as the sale, 70% are collected during the first month after the sale, and the remaining 5% are collected in the second month after the sale Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31 As of July 31 Sales month Total Sales Credit Sales Percent Still Uncollected Amount Uncollected $ June July Total 400.000 438 000 QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of $520,000 The store expects to begin duty with $64.000 of inventory and to end the month with $38.000 of inventory Gross margin is typically 30% of sales Determine the budgeted cost of merchandise purchases for July MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 Budgeted ending Inventory 5 38.000 Budgeted cost of goods sold Required available merchandise Budgeted beginning inventory Budgeted cost of purchases Use the following information for the Exercises below. Ramos Co provides the following sales forecast and production budget for the next four months Sales (units) Budgeted production (units) April 660 60 Hay 740 730 June 690 700 July 780 700 The company plans for finished goods inventory of 280 units at the end of June. In addition, each finished unit requires 5 pounds of direct materials and the company wants to end each month with direct materials inventory equal to 20% of next month's production needs Beginning direct materials inventory for April was 600 pounds Direct materials cost $2 per pound Each finished unit requires 0.40 hours of direct labor at the rate of $15 per hour. The company budgets vanable overhead at the rate of $19 per direct labor hour and budgets fixed overhead of $9.600 per month Exercise 22-8 Manufacturing: Direct materials budget LO P1 Prepare a direct materials budget for April May, and June RAMOS CO. Direct Materials Budget For April, May, and June April 600 May Budget production (units) Juno 700 units 730 Materials needed for production (lbs) Total materials requirements (bos 0 Materials to be purchased (lbs) Materiais price per pound Budgeted cost of direct materials purchases