A B D E Galaxy Lighting Company manufactures and sells lighting fixtures. Units are sold for $50 each and all sales are on 67 account or credit sales. The estimated sales units are given below. 68 August sales units 6,231 69 September sales units 9,371 70 October sales units 12,119 71 November sales units 15,633 72 December sales units 15,949 73 Galaxy Lighting Company estimates that 63% of sales are collected in the same month as the sale and 37% collected the month after the sale. August 31's ending accounts receivable is expected to be $115274 and should 74 be collected in September. Generally, 84% of purchases are due and payable in the month of purchase with the remainder due the following month. The material purchase cost per unit is $23. The company maintains an ending raw materials inventory of 25% of next month's UNIT sales, August's ending inventory is estimated at 1558 units and November's ending raw materials inventory is estimated at 3987 units. The accounts payable balance on August 31 is expected to be $14,000 and should be paid in September. 75 76 Required: 77 1. Prepare a Sales Budget in dollars and units for September, October, and November 78 2. Prepare a Schedule of Cash Receipts (or Collections) from customers for September, October, and November. 79 2. Dronare a Durchacac Rudaot for Sontember October and November Homework Settings 76 Required: 77 1. Prepare a Sales Budget in dollars and units for September, October, and November 78 2. Prepare a Schedule of Cash Receipts (or Collections) from customers for September, October, and November. 79 3. Prepare a purchases Budget for September, October, and November. 80 4. Prepare a Schedule of Cash Payments for Material Purchases for September, October, and November. 81 82 83 Oct Nov 84 85 Sales in Units 86 Cash Sales 63% 87 Credit Sales 37% 88 Galaxy Lighting Company Sales Budget Sept $468,550.00 $295,186.50 $173,363.50 Sept Self Check: $605,950.00 $381,748.50 $224,201.50 $781,650.00 $492,439.50 $289,210.50 89 NOV 90 Galaxy Lighting Company 91 Schedule of Cash Receipts 92 Sept Oct 93 Sales revenue (from sales budget) 94 Cash Collections from sales: ROUND to nearest dollar (no decimals) 95 Aug 31 Accounts Receivable Hint? Oct Nov Hint? yes + Do not include this in total cash collection This month sales Sept Sel Check 89 90 Galaxy Lighting Company 91 Schedule of Cash Receipts 92 Sept 93 Sales revenue (from sales budget) 94 Cash Collections from sales: ROUND to nearest dollar (no decimals) 95 Aug 31 Accounts Receivable 96 September Sales 97 October Sales 98 November Sales 99 Total Cash collections from sales 100 Oct Self Check 101 102 Galaxy Lighting Company 103 Raw Materials Purchases Budget Sept Oct 104 Hinta Hint? yes yes LAGT months sales Nov ROUND to nearest unitino decimals) 104 Nov ROUND to nearest unit (no decimals) Hint? yes End Inventory is 25% of next month's sales except Nov which is given Beginventory is previous month's ENDING Inventory for all but seat which is tiver usine Aut ending inventory 103 Raw Materials Purchases Budget Sept Oct 105 Sales in Units (from sales budget) 106 107 108 109 Purchases required in units 110 x Purchase cost per unit 111 Purchases Required (in dollars) 112 Nov Self Check: 113 114 Galaxy Lighting Company 115 Schedule of Cash Payments for Purchases 116 Sept Oct 117 Purchases (in dollars) 118 Cash payments for purchases: ROUND to nearest dollar (no decimals) Nov Hint? yes Do not include this amount in total cash payments 119 120 yes 121 Hint? Hint? THIS month purchases 845 LAST month purchase 16 yes 122 Homework Settings Enter Type here to search Nov Galaxy Lighting Company Schedule of Cash Payments for Purchases Sept Oct Purchases (in dollars) Cash payments for purchases: ROUND to nearest dollar (no decimals) Hint? yes Hint? Hint? yes yes Total cash payments for purchases Sept Self Check
