Ch22 H.W(1): Prepare cash sales collection, Purchase, and purchase payment Budgets The following are Tech. To Go estimated sales during September, October, November and December 2019: The following information added: 60% of sales are cash sales while the remaining will collected during the month after the sales: - The company maintains ending inventory of $12,000 plus 10% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 75% of sales revenue. - 75% of purchases will paid in the same month of purchases and the balance will paid in the following month. (A/P at the end of September is equal $20,000 ) Requirement: 1- Prepare the company's cash receipts from customers budget for October and November. 2- Prepare the company's budgeted parehases for October and November. 3- Prepare the company's cash purchase payment budget for Oetober and November. You are Provided with the following eash receipts from customer's budget, cash payments for purchases budget, and selling and administrative expenses budget for Aquamarine Gulf Co. for the first quarter of the year 2020 . - Cash receipts from Customer's budget: -Selling and administrative expenses budget -Cash payments for purchases' budget: Assuming Aquamarine is planning to purchase new office equipenent for $5,000 during Jan.2020. and fissuming all cash expenses are paid when incurred except insurance expenses which is an expiration of prepaid. Requirement: Prepare Cash budget assume the company wishes to maintain a minimum cash balance of $20,000 at the end of each month. To maintain the minimum cash balance, the company ean borrow from the bank in $1,000 increments at %6 interest and the company shoald payback borrowed money when there an excess cash balance. (Cash balance at dec. 312019 is expected to be $25,000 ). New City manufacturers cast iron skillets. One model is a red skillet that sells for $40. Iron City ectimated sales of 750 red skillets per month. The production costs is $15 per unit. New City has 20 red skillets in inventory at beginning of March but wants to have an ending inventory equal to 10% of the next month's sales. Selling and administrative expenses for this product line are $8,000 per month. Find the answers for the following MCQs - Show your calculation 1- How many red skillets should Iron City produce in March? 805skillets850skillets605skillets650skillets 2- Compute the total amount budgeted for product costs for Mareh. $12,000$12,075$18,000$18,075 3. Compute the budgeted cost of goods sold for March. $11,000$11,750$11,2505.11500 3- Compute the budgeted cost of goods sold for March. $11,000$11,750$11,250$11,500 4. Compute the budgeted gross profit for March. $18,000$18,250$18,500$18,750 5- Compute the budgeted operating income for March. $10,000$10,750$11,000$11,250 Complete the following flexible budget performance report Future White Ine, manufactures sunglasses. During march 2020, the company produced 10,000 glasses and recorded the following cost data: Requirements: 1- Find the direct material cost and efficiency variances. 2- Find the direct labor cost and efficiency variances