Q1

Q2

The accounting information system of Tesla reported the following cost and inventory data for the year. The costs incurred are: Raw material purchased $120,000 Direct labour $40,000 Indirect labour $32,000 Equipment maintenance $4,500 Insurance on factory $16,000 Rent of factory $31,000 Equipment depreciation $12,000 Factory supplies $17,000 Advertising supplies $8,000 Selling and administration expenses $6,000 Net revenue $343,000 . . . Inventories Beginning Balance Ending Balance Raw Materials $23,000 $14,000 Work in Progress $30,000 $27,000 Finished Goods $32,000 $21,000 Required: A) Calculate the COGM. B) Calculate the COGS. C) Calculate Gross Margin and Operating Margin. Hallmark Corp. sells cards to various stores throughout the country. Each card sells for $1.50. The following sales forecast (in units) has been prepared for the first six months of 2019: . January 4,000 February 7,000 March 2,000 April 8,000 May 3,000 June 1,000 . Historically the cash collection of sales has been as follows: 50 per cent in the month of sale, 45 per cent in the month following sale, and 3 per cent in the second month following sale. The remaining 2 per cent is uncollectible. Required: Prepare a cash receipts budget for the second quarter of 2019 (April through June)