Question 5.1 (Total: 30 marks) For the second quarter of the following year Cloaks Company has projected sales and production in units as follows: Jan Feb Mar Sales 49,000 51,000 56,000 Production 53,000 48,000 49,000 I Cash-related production costs are budgeted at $7 per unit produced. Of these production costs, 35% are paid in the month in which they are incurred and the balance in the next month. $95,000 per month will account for Selling and administrative expenses. On January 31, the accounts payable balance totals $185,000, which will be paid in February All units are sold on account for $13 each. Cash collections from sales are budgeted at 55% in the month of sale, 25% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. On January 1 accounts receivable totaled $500,000 ($90,000 from November's sales and the remaining from December). Submission Instructions: 1. Prepare a schedule for each month showing budgeted cash disbursements for Cloaks Company, 2. Prepare a schedule for each month showing budgeted cash receipts for Cloaks Company Wankky Company worked on only two jobs during August. Information on the jobs is given below: Job 01 Job 02 Direct material $80,000 $92,000 Direct labour Direct manufacturing labour-hours (DMLH) 287,000 219,000 21,000 13,300 At the beginning of the year, annual manufacturing overhead (MOH) was budgeted at $3,780,000 and Wankky budgeted 35,000 DMLH per month. Job 01 was completed in August. Required: 1. Compute the total cost of Job 01. (10 marks) I 2. Calculate per unit cost for Job 01 assuming it has 3,300 units. (3 marks) 3. Some business use job order costing and others process costing. What is the difference between these two costing systems? What companies use job costing? What companies use process costing? Briefly explain. (12 marks)