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ACCT221 - Principles of Accounting II Individual Assignment S22-8 Preparing an operating budgetcost of goods sold budget Young Company expects to sell 1,800 units in January and 1,900 units in February. The company expects to incur the following product costs: The beginning balance in Finished Goods Inventory is 260 units at $137 each for a total of $35,620. Young uses FIFO inventory costing method. Prepare the cost of goods sold budget for Young for January and February. Manufacturing cost per unit in January and February: Direct materials cost per unit Direct labor cost per unit Manufacturing overhead cost per unit Total projected manufacturing cost per unit YOUNG COMPANY Cost of Goods Sold Budget For the Two Months Ended February 28 January Beginning inventory, Units produced and sold $137 each Total budgeted cost of goods sold February Total S22-9 Preparing a financial budgetschedule of cash receipts Yeaman expects total sales of $333,000 in January and $407,000 in February. Assume that Yeaman's sales are collected as follows: 60% in the month of the sale 30% in the month after the sale 8% two months after the sales 2% never collected November sales totaled $260,000, and December sales were $330,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar. Schedule of Cash Receipts from Customers January February January February Total sales Cash Receipts from Customers: Total cash receipts from customers Net Accounts Receivable balance, February 28: Total S22A-16 Preparing an operating budgetinventory, purchases, and cost of goods sold budget Smith Company expects to sell 5,500 units for $195 each for a total of $1,072,500 in January and 3,000 units for $210 each for a total of $630,000 in February. The company expects cost of goods sold to average 70% of sales revenue, and the company expects to sell 4,000 units in March for $210 each. Smith's target ending inventory is $14,000 plus 50% of the next month's cost of goods sold. Prepare Smith's inventory, purchases, and cost of goods sold budget for January and February. SMITH COMPANY Inventory, Purchases, and Cost of Goods Sold Budget For the Two Months Ended February 28 January February Total Cost of goods sold (70% of Sales) Desired ending merchandise inventory(a) Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases Calculations: (a) + = January: + = February: + = (b) + = Desired ending merchandise inventory S22A-17 Preparing a financial budgetschedule of cash receipts Packers expects total sales of $697,500 for January and $345,000 for February. Assume that Packers's sales are collected as follows: 60% in the month of the sale 20% in the month after the sale 17% two months after the sale 3% never collected November sales totaled $389,000, and December sales were $401,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar. PACKERS Budgeted Cash Receipts from Customers For the Two Months Ended February 28 January February Total cash receipts from customers Net Accounts Receivable balance, February 28: Total Total S22A-18 Preparing a financial budgetschedule of cash payments Johnson Company has budgeted purchases of merchandise inventory of $456,250 in January and $531,250 in February. Assume Johnson pays for inventory purchases 70% in the month of purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is $97,575. Prepare a schedule of cash payments for purchases for January and February. JOHNSON COMPANY Budgeted Cash Payments for Purchases For the Two Months Ended February 28 January February Dec. 31 Accounts Payable, paid in Jan. Total cash payments for purchases Total