Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help with Construct the Schedule of Expected Cash Collections and Construct the Production Budget. PLEASE SHOW FORUMLAS Data is in first image. Second photo
Need help with Construct the Schedule of Expected Cash Collections and Construct the Production Budget. PLEASE SHOW FORUMLAS
Data is in first image. Second photo fill in ?
Data Budgeded unit sales - Selling price per unit - Accounts recenable, beginning balance $8 per unit - Sales colecled in the quarter sales are made - Sales colkected in the quarter after sales are made - Desired ending finished goods inventory is - Finshed goods irmentory, beginning $65,000 75% 25% 30% of the budgeted unit sales of the next quarter: 12,000 units - Raw materials required to produce one unit - Desired ending irventory of raw materials is 5 pounds - Raw materials imventory, begirining 10% of the next quarter's production needs - Raw material costs 23,000 pounds $080 per pound - Raw materials purcheses are paid and 60% in the quarter the purchases are made - Accounts payable for raw matenals, beginning balance 40N in the quarter following purchase $81,500 - Direct labor hours 0.10 hour per unit - Direct labor rate $11 per hour - Manufacturing overhead rate \$2. per direct labor hour - Variabla selling and adminstrative cost $0.80 per unit - Foed selling and adminstrative cost $20,000 per quarter Enter a formula into each of the celis marked with a ? bolow Construct the sales budget Budgeled unit sales Selling price per unit Total saices Construct the schedule of expected cash collections Accounts receivable, beginning ballance First-quarter sales Second-querter sales Third-quarter sales Fourth-quarter sules Total cish colloctions Construct the production budget Bodgeted unat sales Add desired finmsed goods irventory Total needs Less beginning inventory Requited production Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started