F D Galaxy Lighting Company manufactures and sells lighting fixtures. Units are sold for $51 each and all sales are on account or credit sales. The estimated sales dollars are given below. 3 August sales dollars $285,500 3. September sales dollars $370,400 October sales dollars $545,400 1 November sales dollars $582,000 2 December sales dollars 5610, 100 3 Galaxy Lighting Company estimates that 51% of sales are collected in the same month as the sale and 49% collected the month after the sale. August 31's ending accounts receivable is expected to be $139895 and 4 should be collected in September. Generally, 64% of purchases are due and payable in the month of purchase with the remainder due the following month. The material purchase cost per unit is $23. The company maintains an ending raw materials inventory of 11% of next month's UNIT sales. August's ending inventory is estimated at 616 units and November's endingraw materials inventory is estimated at 1316 units. The accounts payable balance on August 31 is expected to be $ 11,000 and should be paid in September. 5 6 Required: +7 1. Prepare a Sales Budget in dollars and units for September, October, and November (Hint: Sales units Sales dollars/sales price 78 2. Prepare a Schedule of Cash Receipts (or Collections) from customers for September, October, and November 79 3. Prepare a Purchases Budget for September October, and November. 30 4. Prepare a Schedule of Cash Payments for Material Purchases for September, October, and November 82 8B B E 84 Galaxy Lighting Company Sales Budget Sept 85 Sales in Units 86 Oct Nov 87 88 89 Sept Self Check: 90 91 Galaxy Lighting Company Schedule of Cash Receipts Sept Oct 92 93 Sales revenue (from sales budget 94 Cash Collections from sales: Nov Hint? ROUND to nearest dollar (no decimals) 95 Aug 31 Accounts Receivable 96 September Sales Hint? 97 October Sales Hint? 98 November Sales 99 Total Cash collections from sales 100 Oct Self Check: 101 102 Galaxy Lighting Company 103 Raw Materials Purchases Budget 104 Sept 205 Sales in Units (from sales budget) 106 Nov Oct ROUND