Hi, I need help with my attached file ,,, the Due is Friday

Quiz #3 NAME___________________________ Number__________________________ 1. Benet Company has budgeted the following unit sales: 2013 Quarter 1 2 3 4 2013 Units 105,000 60,000 75,000 120,000 Quarter 1 Units 90,000 The finished goods inventory on hand on December 31, 2012 was 21,000 units. It is the company's policy to maintain a finished goods inventory at the end of each quarter equal to 20% of the next quarter's anticipated sales. Instructions Prepare a production budget for 2013. BENET COMPANY Production Budget For the Year Ended December 31, 2013 Quarter 1 2 3 4 Total Expected unit sales Desired ending finished goods units Total required units Less: Beginning finished goods units Required production units 1 2. Smoke, Inc. makes and sells buckets. Each bucket uses 1/2 pound of plastic. Budgeted production of buckets in units for the next three months is as follows: Budgeted production April 21,000 May 22,000 June 24,000 The company wants to maintain monthly ending inventories of plastic equal to 25% of the following month's budgeted production needs. The cost of plastic is $2.20 per pound. Instructions Prepare a direct materials purchases budget for the month of May. Buckets to be produced during May Pounds of plastic needed for each bucket Total pounds of plastic needed for production Add ending inventory, pounds of plastic desired Less beginning inventory, pounds of plastic Pounds of plastic needed to purchase Cost per pound Estimated cost of purchases for May 3. Hagen Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $300,000 330,000 350,000 Budgeted D.M. Purchases $60,000 70,000 80,000 Hagen's sales are 40% cash and 60% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Hagen's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. Instructions (a) Prepare a schedule of expected collections from customers for March. (b) Prepare a schedule of expected payments for direct materials for March. 2 HAGEN COMPANY Expected Collections from Customers March March cash sales Collection of March credit sales Collection of February credit sales Collection of January credit sales Total collections (b) HAGEN COMPANY Expected Payments for Direct Materials March March cash purchases Payment of March credit purchases Payment of February credit purchases Total payments 3