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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 - Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.
- In July, direct labor cost was $34,800. August direct labor cost was $35,400. The company finds that typically 90% of direct labor cost is paid in cash during the month, with the remainder paid in the following month.
- August overhead amounted to $75,200, including $6,350 of depreciation.
- Fein had taken out a 4-month loan of $16,000 on May 1. Interest, due with payment of principal, accrued at the rate of 9% per year. The loan and all interest were repaid on August 31. (Note: Use whole months to compute interest payment.)
Required:
Prepare a schedule of cash payments for Fein Company for the month of August. Be sure to enter percentages as whole numbers.
Fein Company Schedule of Cash Payments For August | ||||||
August | ||||||
Payments on accounts payable: | ||||||
From July purchases | ||||||
$ % | $ | |||||
From August purchases | ||||||
$ % | ||||||
Direct labor payments: | ||||||
From July | ||||||
$ % | ||||||
From August | ||||||
$ % | ||||||
Overhead | ||||||
Loan repayment | ||||||
Cash payments | $ |
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