Check my work Budgeted sales (all on account) April May June $ 400,000 $ 600,000 $ 190,000 Total $ 1,190,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $330,000, and March sales totaled $360,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. bok nt nt 2. What is the accounts receivable balance on June 30th? ences Complete this question by entering your answers in the tabs below. B Co G Ac Required 1 Required 2 Gh Ace Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Ghe Schedule of Expected Cash Collections Acc April May June Total February sales $ 0 Ghe March sales 0 Acce April sales 0 May sales 0 Chap June sales 0 Acco Total cash collections S 0 $ 0 $ 0 S 0 Down Under Products, Limited, of Australia has budgeted sales of its popular boomerang for the next four months as follows: July 2.08 points Unit Sales April 86,000 May 90,000 June eBook 126,000 98,000. Hint Print References The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of-month inventory levels must equal 10% of the following month's unit sales. The inventory at the end of March was 8,600 units. Required: Prepare a production budget by month and in total, for the second quarter. Budgeted unit sales. Total needs Required production in units E Co G A G Down Under Products, Limited, A Production Budget April May June Quarter G Ac 0 0 0 G Ac 0 0 Gr Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $1.80 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3: Budgeted production, in bottles Year 2 First 66,000 Second Third 96,000 156,000 Fourth Year 3 First 106,000 76,000 The inventory of musk oil at the end of a quarter must be equal to 20% of the following quarter's production needs. Some 39,600 grams of musk oil will be on hand to start the first quarter of Year 2. Required: ces Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2. Mink Caress Units of raw materials needed per unit of finished goods Units of raw materials needed to meet production Total units of raw materials needed Units of raw materials to be purchased Unit cost of raw materials Cost of raw materials to purchased Direct Materials Budget - Year 2 First Quarter Second Quarter Third Quarter Fourth Q e Check my work 4 The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced 1st Quarter 11,900 2nd Quarter 10,900 3rd Quarter 4th Quarter 13,900 12,900 2.08 points eBook Print References Each unit requires 0.20 direct labor-hours and direct laborers are paid $15.00 per hour. In addition, the variable manufacturing overhead rate is $1.50 per direct labor-hour. The fixed manufacturing overhead is $99,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $39,000 per quarter. Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the upcoming fiscal year and for the year as a whole. 2. and 3. Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Calculate the company's total estimated direct labor cost for each quarter of the upcoming fiscal year and for the whole. (Round "Direct labor time per unit (hours)" answers to 2 decimal places.) Total direct labor cost 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year E Co A G Ar G Ad G Ac G ts for manufacturing overhead for each quarter of the upcoming fiscal year and for the year this question by entering your answers in the tabs below. Req 2 and 3 e company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead iming fiscal year and for the year as a whole. uring overhead ments for manufacturing overhead 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year < Req 1 Req 2 and 3> Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summan of its budgeted cash flows: ok ht nt Total cash receipts Total cash disbursements 1st Quarter $310,000 $ 365,000 2nd Quarter $ 430,000 $ 335,000 3rd Quarter $ 360,000 $325,000 4th Quarter $380,000. $ 345,000 The company's beginning cash balance for the upcoming fiscal year will be $25,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments and interest should be indicated by a minus sign.) ences Beginning cash balance Total cash receipts Total cash available: Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 760 $ 2,100 $ 1,690 $ 90 $ 200,000 $ 26,000