Question 27 2.5 pts Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January $12,040 February $14,150 March $10,970 Material purchases Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $6,500. The budgeted cash payments for materials in January are: $6,500 $9.270 $12.520 $13,095 $18,540 25 nts Question 28 U$S1,100. $33,900. D Question 26 2.5 pts Which of the following must be prepared before the direct labor budget? Budgeted income statement. Merchandise purchases budget Capital expenditures budget. Selling expense budget budget Production budget. 2.5 pts Question 27 purchased dont shows the fr MacBook Air Question 25 2.5 pts Justin Company's budget includes the following credit sales for the current year: September $25,000, October, $36,000, November, $30,000: December. $32,000. Credit sales are collected as follows: 15% in the month of sale, 60% in the first month after sale, 20% in the second month after sale, and 5% is uncollectible. How much cash can Justin expect to collect in November as a result of current and past credit sales? $19.700 $28,500. $30,000 $31,100 $33.900 Question 26 2.5 pts MacBook Air VALORE O Budgeted salaries expers for October O Budgeted capital equipment purchases for October Question 24 2.5 pts Southland Company is preparing a cash budget for August. The company has $17,000 cash at the beginning of August and anticipates $120,800 in cash receipts and $134,500 in cash payments during August. Southland Company wants to maintain a minimum cash balance of $10,000. The preliminary cash balance at the end of August before any loan activity is: O $13,300. $137,800 ($13,700). $3,300 $27,000 MacBook Air