Hickman Aviomes's actual sales and purchases for April and May are shown here along with forecasted sales and purchases for Jane theough September April(actual) May cactual) Jane (forecast) July (forecast) August (forecast) September (forecast) Sales Purchases $410,000 $220.000 400,000 210,000 380.000 200.000 360.000 250.000 390,000 300,000 The company makes 10 percent of its sales for cash and 90 percent on credit. Of the credit sales, 20 percent are collected in the month after the sale and 10 percent are collected two months later. Hickman pays for 40 percen of its purchases in the month after purchase and 60 percent two months after Labor expense equals 10 percent of the ante's sales Overhead expense quals $15,000 per month Interest payness of 540,000 are due in June and September A cash dividend of $20,000 is scheduled to be paid in June payments of $35,000 are due in June and September. There is a scheduled capital day of $300,000 in September Hickman Avionics's ending rash balance in May a $30,000. The minimum desvel cash balance is $15,000 Prepare a schedule of my cash receipts, indily cash payments, and a complete nonthly cash budget with bowing and repayments for June through September The maximam desired cash balance is $50,000 Excess cash (above $50,000 is used to buy marketable securities Marketable securities are sold before borrowing funds in case of s cash shonfall det $15,000 15. Jerrico Wallboard Co. had a beginning inventory of 7,000 units on January 1, 200x The costs associated with the inventory were Material. Labor. Overhead.. $9.00 unit 5.00 unit 4.10 unit During 2008, Jerrico produced 28.500 units with the following costs: Material... Labor... Overbead.. $11.50 uni 4.80 unit 6.20 unit Sales for the year were 31.500 units at $29.60 each Jerico uses LIFO accounting What was the gross profit? What was the value of ending inventory? 20. Wright Lighting Fixtures forecasts its sales in units for the next four months as follows March April May June 4,000 10,000 8,000 6,000 Wright maintains an ending inventory for cach month in the amount of one and one-half times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy Materials cost $7 per unit and are paid for in the month after production. Labor cost is $3 per unit and is paid for in the month incurred. Fixed overhead is $10,000 per month. Dividends of $14,000 are to be paid in May. Eight thousand units were produced in February Complete a production schedule and a summary of cash payments for March, April and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory