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Problem 22-7AA Merchandising: Preparation and analysis of cash budgets with supporting inventory and purchases budgets Lo P4 Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow Units Dollars 3,000 480, 000 April (actual) May (actual) June (budgeted) July (budgeted) August (budgeted) 2, 800 448, 000 4, 500 720, 000 3, 500 719, 000 3, 900 624, 000 All sales are on credit. Recent experience shows that 22% of credit sales is collected in the month of the sale, 48% in the month after the sale, 25% in the second month after the sale, and 5% proves to be uncollectible. The product's purchase price is $110 per unit. 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 20% of the next month's unit sales plus a safety stock of 200 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,620,000 and are paid evenly throughout the year in cash. The company's minimum cash balance at month-end is $120,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $120,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 12% interest rate. On May 31, the loan balance is $34,000, and the company's cash balance is $120,000 Required: 1. Prepare a schedule that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July 2. Prepare a schedule that shows the computation of budgeted ending inventories (in units) for Apri, May, June, and July. 3. Prepare the merchandise purchases budget for May, June, and July. Report calculations in units and then show the dollar amount of purchases for each month 4. Prepare a schedule showing the computation of cash payments for product purchases for June and July 5. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month Required 1 Required 2 Required 3 Required 4Required 5 Prepare a schedule that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July Percent Collected in May June August April July Credit sales from 48% 25% April 22% 48% May 22% 25% 22% 25% June 48% July 48% 22% August 22% Amount Collected in July Total May June August April Credit sales from April S 480,000 S 105,600 230,400S 120,000 May 448,000 98,560 215,040S 112,000 158,400 June 720,000 345,600 S 180,000 July 158,180 345,120 560,000 624,000 137,280 August S 105,600 328,960 S 493,440 S 615,780 S 662,400 Required 2> Required 1 Required 2 Required 3 Required 4Required 5 Prepare a schedule that shows the computation of budgeted ending inventories (in units) for April, May, June, and July AZTEC COMPANY Budgeted Ending Inventory For April, May, June and July April May June July Next month's budgeted sales (units) 2,800 4,500 3,500 3,900 Ratio of inventory to future sales 20% 20% 20% 20% Budgeted "base" ending inventory 560 900 700 780 200 200 200 200 Safety stock (units) 1,100 980 760 900 Budgeted ending inventory (units) Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4Required 5 Prepare the merchandise purchases budget for May, June, and July. Report calculations in units and then show the dollar amount of purchases for each month AZTEC COMPANY Merchandise Purchases Budgets For May, June, and July July May June 1,100 980 Budgeted ending inventory (units) 900 4,500 Budgeted unit sales for month 2,800 3,500 Required units of available merchandise 3,900 5,400 4,480 1,100 Budgeted beginning inventory (units) 760 900 Budgeted purchases (units) 3,140 4,300 3,580 110 S Budgeted cost per unit 110 Budgeted cost of merchandise purchases S 345,400s 473,000 S 393,800 Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4Required 5 Prepare a schedule showing the computation of cash payments for product purchases for June and July Cash payments on product purchases (for June and July) Percent Paid in May July June From purchases in: 40% May 60% June 60% 40% July 60% Amount Paid i May July Total June From purchases in: May S 345,400207,240S 138,160 189,200 June 473,000 283,800 July 393,800 236,280 S 207,240 S 421,960 S 425,480 Required 5 > Required 3 Required 1 Required 2 Required 3 Required 4Required 5 Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. (Do not round intermediate calculations. Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar value.) AZTEC COMPANY Cash Budget June and July June July Beginning cash balance S 120,000S 120,000 Cash receipts from customers 493,440 615,780 735,780 Total cash available 613,440 Cash payments for. 421,960 Purchases 425,480 Selling and administrative expenses 135,000 135,000 340 Interest expense 979 561,459 Total cash payments 557,300 Preliminary cash balance 56,140 174,321 Additional loan (loan repayment) 63,860 174,321 120,000 S Ending cash balance Loan balance June July Loan balance Beginning of month 34,000 S 97,860 Additional loan (loan repayment) 63,860 97,860 S 97,860 Loan balance End of month Required 5 Required 4