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hello can someone please help me with my homework did i do it right 1.a) 1.b) i also need help with 2. it is 'prepare
hello can someone please help me with my homework did i do it right 1.a) 1.b) i also need help with 2. it is 'prepare the company's production budget for the upcoming fiscal year' if someone could help me please im really struggling thank you so much all the information is provided below. this is based on management accounting
Help Matoika Manufacturing's sales department has submitted the following sales budget for the upcoming fiscal year: Ist 2nd Brd 4th Quarter Quarter Quarter Quarter Budgeted sales (units) 8, 108 10, 100 12, 100 11, 108 The selling price of the company's product is $21 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% in the following quarter; 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which are expected to be collected in the first quarter, is $81,500. The company expects to start the first quarter with 2,050 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods Inventory for the fourth quarter is 2,300 units. Required: 1-a. Prepare the company's sales budget. Matoika Manufacturing Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales $ 170,100$ 212,100 $ 254,100 233,100 $ 869 400 1-b. Prepare the schedule of expected cash collections. Matoika Manufacturing Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Accounts receivable, beginning balance $ 81,500 $ 81,500 no GeeTest ( Saved Help Sa Required: 1-a. Prepare the company's sales budget. Matoika Manufacturing Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales $ 170,100 212,100 $ 254,100 $ 233.100 $ 869.400 1-b. Prepare the schedule of expected cash collections. Matoika Manufacturing Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Accounts receivable, beginning balance 81.500 $ 81,500 1st Quarter sales 93,555 68 040 161.595 2nd Quarter sales 116,655 84.840 201.495 Ard Quarter sales 139.755 60.984 200.739 4th Quarter sales 128.205 128.205 Total cash collections $ 175,055 $ 184.695 $ 224,595 $ 189.189 $ 773,534 2. Prepare the company's production budget for the upcoming fiscal year. Matoika Manufacturing Production BudgetStep by Step Solution
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