eBook Calculator Factory Overhead Cost Budget Sweet Tooth Candy Company budgeted the following costs for anticipated production for August: Advertising expenses $241,870 Manufacturing supplies 13,260 Power and light 39,540 Sales commissions 261,310 Factory Insurance 23,020 Production supervisor wages 116,290 Production control wages 30,230 Executive officer salaries 246,520 Materials management wages 33,250 Factory depreciation 18,840 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs. Sweet Tooth Candy Company Factory Overhead Cost Budget For the Month Ending August 31 Variable factory overhead costs: eBook Calculator Production supervisor wages Production control wages Executive officer salaries 116,290 30,230 246,520 33,250 18,840 Materials management wages Factory depreciation Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs. Sweet Tooth Candy Company Factory Overhead Cost Budget For the Month Ending August 31 Variable factory overhead costs: Quill do Total variable factory overhead costs Fixed factory overhead costs: Total fixed factory overhead costs Total factory overhead costs Previous Next > Check My Work 2 more Check My Work uses remaining Email Instructor Save and Exit Submit Assignment for Grading OBOOK Calculator Show Me How Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget Information: September October November Sales $118,000 $142,000 $199,000 Manufacturing costs 50,000 61,000 72,000 Selling and administrative 41,000 43,000 76,000 expenses Capital expenditures 48,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $9,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of $45,000, marketable securities of $64,000, and accounts receivable of $131,200 ($28,200 from July sales and $103,000 from August sales). Sales on account for July and August were $94,000 and $103,000, respectively. Current liabilities as of September 1 include $9,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $17,000 will be made in October. Bridgeport's regular quarterly dividend of $9,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $44,000. Required: 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Assume 360 days per year for interest calculations. Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated cash receipts from: Previous Check My Work 2 more Check My Work uses remaining. Emal Instructor Save and Exit Submit Assignment for Grading September October November Estimated cash receipts from: Total cash receipts Less estimated cash payments for: 89 Other purposes: Total cash payments Cash balance at end of month Excess or (deficiency) and/or 2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? The budget indicates that the minimum cash balance be maintained in November. This situation can be corrected by by the of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will the minimum desired balance. Previous Check My Work 2 more Check My Work uses remaining