QS 20-22 Computing budgeted accounts receivable LO P2 Kingston anticipates total sales for June and July of $380,000 and $318,000, respectively, Cash sales are normally 60% of total sales. Of the credit sales, 20% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. As of July 31 Percent Still Amount Uncollected Uncollected Sales month Total Sales Credit Sales $ 15% June July Total 380,000 318,000 Prepare a direct materials budget for April, May, and June. May June 570 5 RAMOS CO. Direct Materials Budget For April, May, and June April Budget production (units) 442 Materials requirements per unit 51 Materials needed for production (lbs.) 2,2101 Budgeted ending inventory (lbs.) 855 Total materials requirements (lbs.) 3,065 Beginning inventory (lbs.) 663 Materials to be purchased (lbs.) 2,402 Materials price per pound $ 2.00 $ Budgeted cost of direct materials purchases $ 4,804 $ 2,850 544 units 5 lbs. 2,720 lbs. 810 lbs. 3,530 lbs. 816 3,666 855 816 lbs. 2,811 2.00 $ 5,622 $ 2,714 lbs. 2.00 5,428