New Jersey Valve Company manufactured 8,300 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following:
Direct labor 34,100hr. at $14.80 per hr.Direct material purchased 29,000lb. at $3.20 per lb.Direct material used 24,600lb.
The control valve has the following standard prime costs:
Direct material 3lb. at $3.10 per lb.$9.30Direct labor 4hr. at $15.20 per hr.60.80Standard prime cost per unit $70.10
Required:
- Prepare a schedule of standard production costs for January, based on actual production of 8,300 units.
- For the month of January, compute the following variances.
Prepare a schedule of standard production costs for January, based on actual production of8,300 units
NEW JERSEY VALVE COMPANY: CAMDEN PLANT Schedule of Standard Production Costs Based on 8,300 Units For the Month of January Standard Costs
Direct material
Direct labor
Total standard production costs
ir Midterm II Exam https:/ewconnect.mheducation.com/flow/connect.html Midterm II Exam i Saved Help for the month of August. The company's cash balance on August 1 was $34,000. 41 Required: 1. Prepare the expected cash collections during August 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. 2 04:30:22 Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 2 Prepare the expected cash disbursements during August. TEJAS WINDOW TINT Expected Cash Disbursements August July purchases to be paid in August Net Cash disbursements for expenses Total $ Required 1 Required 3 > Graw ir Midterm II Exam https:/ewconnect.mheducation.com/flow/connect.html Midterm II Exam i Saved Help Tull advantage of ine 2 percent aiscount allowed on purchases paid for by ine tentn of the following montn. purchases for August are budgeted at $67,000, and sales for August are forecasted at $73,000. Cash disbursements for expenses are expected to be $14,600 41 for the month of August. The company's cash balance on August 1 was $34,000. Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 04:30:14 3. Calculate the expected cash balance on August 31. Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Calculate the expected cash balance on August 31. TEJAS WINDOW TINT Expected Cash Balance August 31 Balance, August 1 Expected balance Required 2 Required 3 > Graw ir Midterm II Exam https:/ewconnect.mheducation.com/flow/connect.html Midterm II Exam i Saved Help 41 The following information is from Tejas WindowTint's financial records. Month Sales Purchases April $79 , 000 $60, 000 May 70 , 000 44 , 000 June 74, 000 32, 000 July 80, 000 50, 000 2 04:30:45 Collections from customers are normally 69 percent in the month of sale, 20 percent in the month following the sale, and 8 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are Print budgeted at $67,000, and sales for August are forecasted at $73,000. Cash disbursements for expenses are expected to be $14,600 for the month of August. The company's cash balance on August 1 was $34,000. Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the expected cash collections during August. TEJAS WINDOW TINT Expected Cash Collections August Month Sales Percent Expected Collections % Graw Hill Educationir Midterm II Exam https:/ewconnect.mheducation.com/flow/connect.html Midterm II Exam Saved Help for the month of August. The company's cash balance on August 1 was $34,000. 41 Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. 04:30:31 Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Prepare the expected cash collections during August. TEJAS WINDOW TINT Expected Cash Collections August Month Sales Percent Expected Collections % Total Graw
