Oneida Company's operations began in August. August sales were $$215,000$ and purchases were $$125,000.$ The beginning cash

balance for september is $$5,000.$ Oneida's owner approaches the bank for a $$100,000$ loan to be made on September $2$ and repaid

on November $30.$ The bank's loan officer asks the owner to prepare monthly cash budgets. Its budgeted sales, merchandise

purchases, and cash payments for other expenses for the next three months follow.

All sales are on credit where $70\%$ of credit sales are collected in the month following the sale, and the remaining $30\%$ collected in the

second month following the sale. All merchandise is purchased on credit; $80\%$ of the balance is paid in the month following a

purchase, and the remaining $20\%$ is paid in the second month.

Required:

Prepare the following for the months of September, October, and November.

Schedule of cash receipts from sales.

Schedule of cash payments for direct materials.

Cash budget.A manufactured product has the following information for August.

Standard Quantity and Cost Actual Results

Direct materials $2$ pounds per unit @ $$2\mathrm{.}50$ per pound

Direct labor $0\mathrm{.}5$ hour per unit @ $$16$ per DLH

Overhead $$12$ per DLH

Units manufactured $12,000$ units

Total manufacturing costs $ $225,400$

$(1)$ Prepare the standard cost card showing standard cost per unit.

$(2)$ Compute total budgeted cost for production in August.

$(3)$ Compute the total cost variance for August.