(LO 7) The Gardner Company expects sales for October of $239,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $62,500. What is the amount of Accounted Receivables on the October 31 budgeted balance sheet? Multiple Choice O $107,550. $119,500 O $62,500. $65.725 O $131,450. (LO 7) Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March $ Material purchases 14,270 11,090 12,160 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $6,200. The expected January 31 Accounts Payable balance is: Multiple Choice $6,200. $7,135. $12,160. $6,080. $9,180. (LO 7) Memphis Company anticipates total sales for April, May, and June of $970,000, $1,070,000, and $1,120,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the company's budgeted balance sheet for June 30. Multiple Choice $730,400. $983.200. $537,600. O $580,400. $1,053,200. (LO 7) Ratchet Manufacturing anticipates total sales for August, September, and October of $190,000, $200,000, and $210,500 respectively. Cash sales are normally 30% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of accounts receivable to be reported on the company's budgeted balance sheet for August. Multiple Choice O $133,000. O $57,000. O $140,000 O O $60,000. O $190,000 (LO 4) A manufacturer reports the following costs to produce 16,000 units in its first year of operations: Direct materials, $16 per unit, Direct labor, $12 per unit, Variable overhead, $128,000, and Fixed overhead, $224,000. The total product cost per unit under variable costing is: Multiple Choice $28 per unit $36 per unit $50 per unit $42 per unit. O $24 per unit O