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(c) Prepare Sheffield Corp.'s cash disbursements budget for the DM purchases for the second quarter. (Round answers to 2 decimal places, e.g. 15.25.) eTextbook and Media Attempts: 0 of 2 used Calculate how much the total COGS per unit could be for the company to generate 40% gross margin on its sales. Considering the DM cost per unit already known, how much of this total COGS per unit is available to cover DL and MOH cost? (Round answers to 2 decimal places, e.g. 15.25.) $ eTextbook and Media Attempts: 0 of 2 used (b) Prepare Sheffield Corp.'s production budget and DM purchases budget for the second quarter. (Round DM cost per pound and total budgeted cost of DM purchases to 2 decimal places, e.g. 15.25.) The accounting team at Sheffield Corp. plans to get a jump-start on its budget for the second quarter, since the first quarter is going well. Team members want to make sure to determine the cash effects of the company's sales as well as its biggest production-related cash expenditure, direct materials. The team has gathered the following information: 1. The budgeted selling price for the year is $3.60 per unit. Sales volumes are budgeted as follows for the last month of quarter 1 , for all of quarter 2 , and for part of quarter 3. 2. Historically, 25% of Sheffield's sales are cash sales. Of the remaining credit sales, 40% are collected in the month of sale, while 56% are collected the following month. The remainder is deemed uncollectible. 3. Management sets its ending FG Inventory goal at 10% of the following month's sales volume. The accounting team expects this policy will be met at the beginning of the second quarter. 4. The target ending inventory for Sheffield's primary direct material is 20% of the following month's production needs, since it's not unusual for suppliers to stock out of this key resource. Each completed unit requires 4 pounds of DM at an expected cost of $0.30 per pound. 5. Sheffield pays for 35% of its purchases in the month of purchase and 65% the month after purchase. Total budgeted purchases in March are $16,600. For all quarterly budgets, report monthly amounts as well as the total for the quarter. (a) Prepare the sales forecast and corresponding cash receipts budget for Sheffield Corp. for its second quarter. (Round budgeted selling price per unit to 2 decimal places, e.g. 15.25.) Sales Budget Budgeted Sales Revenue Budgeted Sales Volume Budgeted Selling Price April May June Quarter (Round answers to 2 decimal places, e.g. 15.25.) eTextbook and Media Attempts: 0 of 2 used