E3-5,7,9,11

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Blue has forecast sales to be $421,000 in February, $551,000 in March, $591,000 in April, and $631,000 in May. The average cost of goods sold is 60% of sales. All sales are made on credit and sales are collected 50% in the month of sale, 30% the month following and the remainder two months after the sale. What are budgeted cash receipts in May? Multiple Choice $603,000 $492,315 $631,000 O $315,500 A short-term objective is: Multiple Choice a specific tactic put in place to support the strategic plan. O a specific component of the budgeted income statement. a specific goal that managers need to achieve no more than a year to reach their long-term goals. a specific action managers use to reach their long-term goals. Jillian Inc. produces leather handbags. The production budget for the next four months is: July 5,900 units, August 7,100, September 7,800, October 8,300. Each handbag requires 1.3 hours of unskilled labor (paid $13 per hour) and 2.4 hours of skilled labor (paid $16 per hour). How many unskilled labor hours will be budgeted for August? Multiple Choice 26,270 o 17.040 9,230 . 7.100 Crystal, Inc. has prepared the following budgets for March. In March, budgeted production is 1,000 units, budgeted sales is 1,200 units, and direct materials inventory unit costs will stay constant. Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $ 6.00 per unit $10.80 per unit $ 7.50 per unit $ 7,500 What is budgeted cost of goods sold for March? Multiple Choice $31,800 O $36,660 o $30.551 O $38,160