20 QS 22-22 Computing budgeted accounts receivable LO P2 227 points Kingston anticipates total sales for June and July of $420,000 and $398,000, respectively. Cash sales are normally 60% of total sales. of the credit sales, 20% are collected in the same month as the sale, 70% are collected during the first month after the sale, and the remaining 10% 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. Skipped As of July 31 eBook Sales month Total Sales Credit Sales Percent Still Uncollected Amount Uncollected June $ 420,000 398,000 Jully Total 25 Exercise 22-4 Manufacturing: Direct materials budget LO P1 2.27 points Zira Co, reports the following production budget for the next four months. April Production (units) 455 May 570 June 560 July 540 Skipped Each finished unit requires five pounds of raw materials and the company wants to end each month with raw materials inventory equal to 30% of next month's production needs. Beginning raw materials inventory for April was 663 pounds. Assume direct materials cost $4 per pound. eBook Prepare a direct materials budget for April, May, and June. Print ZIRA CO. Direct Materials Budget For April, May, and June April May June References Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Total budgeted direct materials cost 33 Exercise 22-12 Manufacturing: Preparing production budgets (for two periods) LO P1 2.27 points Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 90,000 units. The following unit sales of the transmissions are expected during the rest of the year, second quarter, 450,000 units; third quarter, 525,000 units; and fourth quarter, 475,000 units. Company policy calls for the ending finished goods inventory of a quarter to equal 20% of the next quarter's budgeted sales. Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture. eBook ELECTRO COMPANY Production Budget Second and Third Quarters Second Quarter Third Quarter Budgeted ending inventory (units) 105,000 450,000 555,000 90,000 Budgeted unit sales for quarter Required units of available production Budgeted beginning inventory (units) Units to be produced 95,000 525,000 620,000 105,000 515,000 References Exercise 22-19 Budgeted cash payments LO P2 2.27 points Zisk Co. purchases raw materials on account. Budgeted purchase amounts are April, $80,000: May, $110,000, and June, $120,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $22,000. Skipped Prepare a schedule of budgeted cash payments for April, May, and June. April May June eBook Current month purchases Ending accounts payable 70% 30% Total purchases References May June ZISK CO. Schedule of Cash Payments For April, May, and June April Cash payments for: Current month purchases Prior month purchases Budgeted cash payments for materials 20 QS 22-22 Computing budgeted accounts receivable LO P2 227 points Kingston anticipates total sales for June and July of $420,000 and $398,000, respectively. Cash sales are normally 60% of total sales. of the credit sales, 20% are collected in the same month as the sale, 70% are collected during the first month after the sale, and the remaining 10% 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. Skipped As of July 31 eBook Sales month Total Sales Credit Sales Percent Still Uncollected Amount Uncollected June $ 420,000 398,000 Jully Total 25 Exercise 22-4 Manufacturing: Direct materials budget LO P1 2.27 points Zira Co, reports the following production budget for the next four months. April Production (units) 455 May 570 June 560 July 540 Skipped Each finished unit requires five pounds of raw materials and the company wants to end each month with raw materials inventory equal to 30% of next month's production needs. Beginning raw materials inventory for April was 663 pounds. Assume direct materials cost $4 per pound. eBook Prepare a direct materials budget for April, May, and June. Print ZIRA CO. Direct Materials Budget For April, May, and June April May June References Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Total budgeted direct materials cost 33 Exercise 22-12 Manufacturing: Preparing production budgets (for two periods) LO P1 2.27 points Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 90,000 units. The following unit sales of the transmissions are expected during the rest of the year, second quarter, 450,000 units; third quarter, 525,000 units; and fourth quarter, 475,000 units. Company policy calls for the ending finished goods inventory of a quarter to equal 20% of the next quarter's budgeted sales. Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture. eBook ELECTRO COMPANY Production Budget Second and Third Quarters Second Quarter Third Quarter Budgeted ending inventory (units) 105,000 450,000 555,000 90,000 Budgeted unit sales for quarter Required units of available production Budgeted beginning inventory (units) Units to be produced 95,000 525,000 620,000 105,000 515,000 References Exercise 22-19 Budgeted cash payments LO P2 2.27 points Zisk Co. purchases raw materials on account. Budgeted purchase amounts are April, $80,000: May, $110,000, and June, $120,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $22,000. Skipped Prepare a schedule of budgeted cash payments for April, May, and June. April May June eBook Current month purchases Ending accounts payable 70% 30% Total purchases References May June ZISK CO. Schedule of Cash Payments For April, May, and June April Cash payments for: Current month purchases Prior month purchases Budgeted cash payments for materials