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Chapter 8 Budget Problem-2o points You are a newly hired cost accountant for Jewels and Bling, a distributor of jewelry to various retail outlets loeated in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you bave worked with other accounting staff members and other areas to gather the information assembled below The company sells many styles of earrings, but all are sold for the same price $i0 per pair. Actual sales of earrings for the last three months and budget six months follow (in pairs of earrings) January (actual) 20.000 June (budget) 50,000 February (actual) 26,000 July (budget) 30,000 mcoMarch (octual) 40.000 August (budget)28,000 pril (budget) 65,000 September (budget) 25,000 May (budget) 100,000 The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should month tosupply40%oftheeamnge Suppliers are paid $4 for a pair of earrings. One-half of a month's purchases is paid for in the monthof p the other half is paid for in the following mont credit only 20%ofamonth's salesare collectedrnthe monthofsale An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible Monthly operating expenses for the company are given below: Variable: Sales commissions Fixed: Advertising Rent Salaries Utilities Insurance Depreciation 4% of sales $106,000 $7.000 $3,000 $14.000 Insurance is paid on an annual basis, in November of each year The company plans to purchase $16,000 in new equipment during May and S40,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $15,000 each quarter, payable in the first month of the following quarter