es Mailings Review View Help Aa A 33 A1 AaBoCc AaBbC AaBbcc AaBBC AaBbCD AaBbc AaBbc Emphasis Heading 1 1 Normal Strong Subtitle Title 1 No Spac V Paragraph Styles AU FA20 Comprehensive Problem 2 vt Name: Rand Co., a new startup business, is preparing their budget for the first quarter 2021 ending March 31. Budgeted sales of the company's only product for the next five months are: January 9,200 units February 5600 units March 6,300 units April 3,700 units May 5,000 units The selling price is $81 per unit. Prepare the following elements of the master budget for this problem: 1. Sales budget (a with a schedule of expected cash collections). 2. Production budget. 3. Direct materials budget (b. with a schedule of expected cash disbursements for materials). 4. Direct labor budget 5. Manufacturing overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget. Cash budget. 9. Budgeted income statement. 10. Budgeted balance sheet. SCHEDULE OF EXPECTED CASH COLLECTIONS 8. a -oblem - Compatibility Mode - Word Mailings Review View Help a A E A SE a cD Emphasis Heading 1 1 Normal Strong Subtitle Title Styles Paragraph 8. Cash budget. 9. Budgeted income statement. 10. Budgeted balance sheet. SCHEDULE OF EXPECTED CASH COLLECTIONS All Sales are on account. The company collects 65% of credit sales in the month of the sale and 35% of credit sales in the following month. The accounts receivable balance on January 1 was $0. PRODUCTION BUDGET The company desires to have inventory on hand at the end of each month equal to 18% of the following month's budgeted unit sales. On December 31, 0 units were on hand. DIRECT MATERIALS BUDGET 6.5 pounds of material are required per unit of product. Management desires to have materials on hand at the end of each month equal to 12% of the following month's production needs. The beginning materials inventory was 0 pounds. 6. What is the estimated finished goods inventory balance at the end of March? 7 What is the estimated cost of goods sold and gross margin for March? 8. What is the estimated total selling and administrative expense for February? 9. What is the estimated net operating income for March? 10. What is the estimated retained earnings balance for March? es Mailings Review View Help Aa A 33 A1 AaBoCc AaBbC AaBbcc AaBBC AaBbCD AaBbc AaBbc Emphasis Heading 1 1 Normal Strong Subtitle Title 1 No Spac V Paragraph Styles AU FA20 Comprehensive Problem 2 vt Name: Rand Co., a new startup business, is preparing their budget for the first quarter 2021 ending March 31. Budgeted sales of the company's only product for the next five months are: January 9,200 units February 5600 units March 6,300 units April 3,700 units May 5,000 units The selling price is $81 per unit. Prepare the following elements of the master budget for this problem: 1. Sales budget (a with a schedule of expected cash collections). 2. Production budget. 3. Direct materials budget (b. with a schedule of expected cash disbursements for materials). 4. Direct labor budget 5. Manufacturing overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget. Cash budget. 9. Budgeted income statement. 10. Budgeted balance sheet. SCHEDULE OF EXPECTED CASH COLLECTIONS 8. a -oblem - Compatibility Mode - Word Mailings Review View Help a A E A SE a cD Emphasis Heading 1 1 Normal Strong Subtitle Title Styles Paragraph 8. Cash budget. 9. Budgeted income statement. 10. Budgeted balance sheet. SCHEDULE OF EXPECTED CASH COLLECTIONS All Sales are on account. The company collects 65% of credit sales in the month of the sale and 35% of credit sales in the following month. The accounts receivable balance on January 1 was $0. PRODUCTION BUDGET The company desires to have inventory on hand at the end of each month equal to 18% of the following month's budgeted unit sales. On December 31, 0 units were on hand. DIRECT MATERIALS BUDGET 6.5 pounds of material are required per unit of product. Management desires to have materials on hand at the end of each month equal to 12% of the following month's production needs. The beginning materials inventory was 0 pounds. 6. What is the estimated finished goods inventory balance at the end of March? 7 What is the estimated cost of goods sold and gross margin for March? 8. What is the estimated total selling and administrative expense for February? 9. What is the estimated net operating income for March? 10. What is the estimated retained earnings balance for March