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Fein Company provided the following information relating to cash payments. Fein purchased direct materials on account in the following amounts: June $68,000 July 77,000 August

Fein Company provided the following information relating to cash payments. Fein purchased direct materials on account in the following amounts:

June

$68,000

July

77,000

August

73,000

  1. Fein pays 20 percent of accounts payable in the month of purchase and the remaining 80 percent in the following month.
  2. In July, direct labour cost was $32,300. August direct labour cost was $35,400. The company finds that typically 90 percent of direct labour cost is paid in cash during the month, with the remainder paid in the following month.
  3. August overhead amounted to $71,200, including $6,350 of depreciation.
  4. Fein had taken out a loan of $15,000 on May 1. Interest, due with payment of principal, accrued at the rate of 9 percent per year. The loan and all interest was repaid on August 31. (Note:Use whole months to compute interest payment.)

Payments on accounts payable for July are $

______.

Payments on accounts payable for August are $

______.

Direct labour payments from July are $

______.

Direct labour payments from August are $

______.

Overhead payment is $

______.

Loan repyament is $

______.

Total cash payments for August are $

______.

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