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4.HCJ's production team attempts to end each quarter with enough finished-goods inventoryin each product line to cover 20 percent of the following quarter's sales. Moreover, an attempt ismade to end each quarter with 20 percent of the glass sheets needed for the following quarter'sproduction. Since metal strips are purchased locally, HCJ buys on a just-in-time basis;inventory is negligible.The purchase and production quantities are shown.

5.All direct-material purchases are made on account, and 80 percent of each quarter'spurchases are paid in cash during the same quarter as the purchase. The other 20 percent is paid inthe next quarter.

6.Indirect materials are purchased as needed and paid for in cash. Work-in-process inventory is negligible.

7.Projected manufacturing costs in 20x1 are as follows:

Direct material:

Metal strips. @ $1per foot

Glass sheets: $8 per sheet

Direct labor for both products .1hour @ $20 per hour

Manufacturing overhead:.1direct-labor hour @$10 per hour

Total manufacturing cost per unit.S: $7L: $10

1. Sales budget:

2. Cash receipts budget:

3. Cash disbursements budget: (including purchases of direct materials and payments for same)

4.Summary cash budget:

Sales figures 20X0 Q4 S frame unit sales S sales price L frame unit sales x L sales price 20X1 Q1 50,000 55,000 $ 10 $ 10 40,000 45,000 $ 15 $ 15 40% Percent of sales made for cash in the quarter of sale 60% Percent of sales made on credit Collections 80% of current quarter's credit sales 20% of previous quarter's credit sales Purchases 20X0 Q4 Direct Material purchases Metal (pounds) Metal price/pound Glass sheets Total glass needed for production Plus desired ending inventory 20X1 Q1 225,000 $1 33,250 7,400 Q2 Q3 250,000 $1 275000 $1 300,000 $1 37,000 40,750 44,500 8,150 8,900 9,650 Total glass needed for production 40,650 45,150 49,650 54,150 Less beginning Glass purchases(sheets) Cost/sheet 6,650 34,000 $8 7,400 37,750 $8 8,150 41,500 $8 8,900 45,250 $8 80% of current quarter's purchases paid in the current quarter 20% of previous quarter's purchases paid in the current quarter Other expenses Direct labor: Direct-labor hours per frame Rate per direct-labor hour Manufacturing overhead: Indirect material Indirect labor Other Depreciation Predetermined overhead rate $ 0.1 $ 20 $ 0.10 $ 10,200 $ 40,800 $ 31,000 $ 20,000 10.00 per DLH DLH at $ 11,200 $ 44,800 $ 36,000 $ 20,000 $ $ $ $ $ 10 12,200 48,800 41,000 20,000 Selling and admin. expenses Payment of dividends $ $ 100,000 per quarter 50,000 per quarter Balance Sheet as of Dec 21, 20X0 Cash $ 95,000 Accounts Receivable $ 132,000 Inventory Raw Material $ 59,200 $ 167,000 Finished Goods Plant and Equipment, net $ 8,000,000 Total Assets $ 8,453,200 Accounts payable $ 99,400 Common stock $ 5,000,000 Retained earnings $ 3,353,800 Total Liabilities and equity $ 8,453,200 Prepare the following 1 Sales budget 2 Cash receipts budget 3 Cash disbursements budget 4 Summary cash budget HCJ Corporation is completing their cash budget for the following year. Th will make the acquisition on January 2 of next year, and it will take most o the production process to take full advantage of the new equipment.\" The robot will cost $1,000,000 financed with a a one-year $1,000,000 loa negotiated a repayment schedule of four equal installments on the last da The interest rate will be 10 percent, and interest payments will be quarter HCJ Corporation is a manufacturer of metal picture frames. The firm's two frames; 5 x 7 inches) and L (large frames; 8 x10 inches). The primary raw 24-inch glass sheets. Other raw materials, such as cardboard backing, are materials. Here is the provided budget information Q4 5. All direct-material purchases are made on account, and 80 percent of the same quarter as the purchase. The other 20 percent is paid in the nex 6. Indirect materials are purchased as needed and paid for in cash. Work 7. Projected manufacturing costs in 20x1 are as follows: Direct material: Metal strips. @ $1 per foot Glass sheets: $8 per sheet Direct labor for both products .1 hour @ $20 per hour Manufacturing overhead: .1 direct-labor hour @ $10 per hour Total manufacturing cost per unit . S: $7 L: $10 1. Sales budget: 2. Cash receipts budget: 3. Cash disbursements budget: (including purchases of direct materials an 4. Summary cash budget: Year 325000 $1 1,150,000 $1 48,250 170,500 10,400 10,400 58,650 207,600 9,650 49,000 $8 per hour $ 13,200 $ 52,800 $ 46,000 $ 20,000 7,400 173,500 $8 $ $ $ $ 46,800 187,200 154,000 20,000 budget for the following year. They are going to buy an industrial robot. They next year, and it will take most of the year to train the personnel and reorganize tage of the new equipment.\" with a a one-year $1,000,000 loan from My Bank and Trust Company. I've equal installments on the last day of each quarter. nterest payments will be quarterly as well tal picture frames. The firm's two product lines are designated as S (small 8 x10 inches). The primary raw materials are flexible metal strips and 9-inch by s, such as cardboard backing, are insignificant in cost and are treated as indirect e on account, and 80 percent of each quarter's purchases are paid in cash during her 20 percent is paid in the next quarter. eeded and paid for in cash. Work-in-process inventory is negligible. 1 are as follows: $20 per hour r hour @ $10 per hour 7 L: $10 purchases of direct materials and payments for same) Week 4 Working Capital There are two problems The first is a collections pattern, where you have to calculate the collections per month using a waterfall technique The second is a lengthy cash budgeting problem which begins with sales forecasts through material purchases and th using a waterfall technique. hrough material purchases and disbursements Homework Week 4 Cash Budgeting and DFN Scenario Analysis Dos Tacos, Inc., a manufacturer of salsa, has the following historical collection pattern for its cre sales. 55 percent collected in the month of sale. 20 percent collected in the first month after sale. 15 percent collected in the second month after sale. 8 percent collected in the third month after sale. 2 percent uncollectible. The sales on account have been budgeted for the last seven months as follows: June .................................................................................... $ 53,000 July ....................................................................................... 64,000 August ................................................................................... 72,000 September ............................................................................. 80,000 October ................................................................................. 89,000 November .............................................................................105,000 December .............................................................................. 82,000 Required: 1. Compute the estimated total cash collections during October from credit sales. 2. Compute the estimated total cash collections during the fourth quarter from sales made on during the fourth quarter. 3. Make sure to show the calculations by month during the 4th quarter (Oct-Dec) Budgeted Sales on Account: June $ 53,000 July $ 63,000 August $ 72,000 September $ 80,000 October $ 89,000 November $ 100,000 December $ 82,000 Collection Schedule: In month of sale 55% In 1st month after sale 20% In 2nd month after sale 15% In 3rd month after sale 8% Uncollectible 2% 100% al collection pattern for its credit s as follows: 00 00 00 0 0 0 0 from credit sales. h quarter from sales made on account uarter (Oct-Dec) Sales figures 20X0 Q4 S frame unit sales S sales price L frame unit sales x L sales price 20X1 Q1 50,000 55,000 $ 10 $ 10 40,000 45,000 $ 15 $ 15 40% Percent of sales made for cash in the quarter of sale 60% Percent of sales made on credit Collections 80% of current quarter's credit sales 20% of previous quarter's credit sales Purchases 20X0 Q4 Direct Material purchases Metal (pounds) Metal price/pound Glass sheets Total glass needed for production Plus desired ending inventory 20X1 Q1 225,000 $1 33,250 7,400 Q2 Q3 250,000 $1 275000 $1 300,000 $1 37,000 40,750 44,500 8,150 8,900 9,650 Total glass needed for production 40,650 45,150 49,650 54,150 Less beginning Glass purchases(sheets) Cost/sheet 6,650 34,000 $8 7,400 37,750 $8 8,150 41,500 $8 8,900 45,250 $8 80% of current quarter's purchases paid in the current quarter 20% of previous quarter's purchases paid in the current quarter Other expenses Direct labor: Direct-labor hours per frame Rate per direct-labor hour Manufacturing overhead: Indirect material Indirect labor Other Depreciation Predetermined overhead rate $ 0.1 $ 20 $ 0.10 $ 10,200 $ 40,800 $ 31,000 $ 20,000 10.00 per DLH DLH at $ 11,200 $ 44,800 $ 36,000 $ 20,000 $ $ $ $ $ 10 12,200 48,800 41,000 20,000 Selling and admin. expenses Payment of dividends $ $ 100,000 per quarter 50,000 per quarter Balance Sheet as of Dec 21, 20X0 Cash $ 95,000 Accounts Receivable $ 132,000 Inventory Raw Material $ 59,200 $ 167,000 Finished Goods Plant and Equipment, net $ 8,000,000 Total Assets $ 8,453,200 Accounts payable $ 99,400 Common stock $ 5,000,000 Retained earnings $ 3,353,800 Total Liabilities and equity $ 8,453,200 Prepare the following 1 Sales budget 2 Cash receipts budget 3 Cash disbursements budget 4 Summary cash budget HCJ Corporation is completing their cash budget for the following year. Th will make the acquisition on January 2 of next year, and it will take most o the production process to take full advantage of the new equipment.\" The robot will cost $1,000,000 financed with a a one-year $1,000,000 loa negotiated a repayment schedule of four equal installments on the last da The interest rate will be 10 percent, and interest payments will be quarter HCJ Corporation is a manufacturer of metal picture frames. The firm's two frames; 5 x 7 inches) and L (large frames; 8 x10 inches). The primary raw 24-inch glass sheets. Other raw materials, such as cardboard backing, are materials. Here is the provided budget information 1. Sales in the fourth quarter of 20x0 are expected to be 50,000 S fram years, sales in each product line will grow by 5,000 units each quarter ove sales in the first quarter of 20x1 are expected to be 55,000 units. 2. HCJ's sales history indicates that 60 percent of all sales are on credit company's collection experience shows that 80 percent of the credit sales sale is made, while the remaining 20 percent is collected in the following able to collect 100 percent of its accounts receivable.) 3. The S frame sells for $10, and the L frame sells for $15. These prices throughout 20x1. Q4 Year 325000 $1 1,150,000 $1 48,250 170,500 10,400 10,400 58,650 207,600 9,650 49,000 $8 per hour $ 13,200 $ 52,800 $ 46,000 $ 20,000 7,400 173,500 $8 $ $ $ $ 46,800 187,200 154,000 20,000 4. HCJ's production team attempts to end each quarter with enough fin cover 20 percent of the following quarter's sales. Moreover, an attempt is the glass sheets needed for the following quarter's production. Since met just-in-time basis; inventory is negligible. The purchase and production q 5. All direct-material purchases are made on account, and 80 percent of the same quarter as the purchase. The other 20 percent is paid in the nex 6. Indirect materials are purchased as needed and paid for in cash. Work 7. Projected manufacturing costs in 20x1 are as follows: Direct material: Metal strips. @ $1 per foot Glass sheets: $8 per sheet Direct labor for both products .1 hour @ $20 per hour Manufacturing overhead: .1 direct-labor hour @ $10 per hour Total manufacturing cost per unit . S: $7 L: $10 1. Sales budget: 2. Cash receipts budget: 3. Cash disbursements budget: (including purchases of direct materials an 4. Summary cash budget: budget for the following year. They are going to buy an industrial robot. They next year, and it will take most of the year to train the personnel and reorganize tage of the new equipment.\" with a a one-year $1,000,000 loan from My Bank and Trust Company. I've equal installments on the last day of each quarter. nterest payments will be quarterly as well tal picture frames. The firm's two product lines are designated as S (small 8 x10 inches). The primary raw materials are flexible metal strips and 9-inch by s, such as cardboard backing, are insignificant in cost and are treated as indirect are expected to be 50,000 S frames and 40,000 L frames. Over the next two by 5,000 units each quarter over the previous quarter. For example, S frame cted to be 55,000 units. percent of all sales are on credit, with the remainder of the sales in cash. The hat 80 percent of the credit sales are collected during the quarter in which the ent is collected in the following quarter. (For simplicity, assume the company is s receivable.) frame sells for $15. These prices are expected to hold constant end each quarter with enough finished-goods inventory in each product line to 's sales. Moreover, an attempt is made to end each quarter with 20 percent of quarter's production. Since metal strips are purchased locally, HCJ buys on a The purchase and production quantities are shown. e on account, and 80 percent of each quarter's purchases are paid in cash during her 20 percent is paid in the next quarter. eeded and paid for in cash. Work-in-process inventory is negligible. 1 are as follows: $20 per hour r hour @ $10 per hour 7 L: $10 purchases of direct materials and payments for same)