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Hi, please only answer question F. Thank you. Problem 10-39A (Part Level Submission) The controller of Harrington Company estimates sales and production for the first
Hi, please only answer question F. Thank you.
Problem 10-39A (Part Level Submission) The controller of Harrington Company estimates sales and production for the first four months of 2016 as follows: January February March April Sales 533,000 543,200 $54,500 $25,800 Production in units 1,150 1,620 2,060 2,660 Sales are 40% cash and 50% on account, and 60% of credit sales are collected in the month of the salc. In the month after the salc, 40% of credit sales are collected. It takes 4 kg of direct material to produce a finished unit, and direct materials cost $5 per kg. All direct materials purchases are on account, and are paid as follows: 40% in the month of the purchase, 60% the following month. Ending direct materials inventory for each month is 40% of the next month's production needs January's beginning materials Inventory is 1,856 kg. Suppose that both accounts receivable and accounts payable are zero at the beginning of January. Answer the following questions: (a) Your answer is correct. What are the total cash sales for the January-March quarter? Total tash sales 52280 SHOW SOLUTION SHOW ANSWER LINK TO TEXT (b) Your answer is correct. What is the accounts receivable balance at the end of March? Accounts receivable balance 13080 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 1 used (d) Your answer is correct. What are material purchases costs for February? Material purchases for February 35920 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 1 used (e) What are cash payments on account for February? (Round answer to 0 decimal places, e.g. 125.) Cash payments on account (e) Your answer is correct. What are cash payments on account for February? (Round answer to 0 decimal places, e.g. 125.) Cash payments on account 30496 SHOW SOLUTION SHOW ANSWER LINK TO TEXT (f) What is the ending balance in accounts payable for March? (Round answer to 0 decimal places, e.g. 125.) Ending balance in accounts payable LINK TO TEXTStep by Step Solution
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