Required problems: 1 - 4

PROBLEM ONE The following information pertains to Robinson Corporation Month July August September October November December January February March April May June Sales (units) Sales (dollars) 1,500 $30,000 1,700 34,000 1,900 38,000 1,680 42,000 1,920 48.000 2,400 60,000 2,250 60,750 2,000 52,000 1,800 45,000 1,600 41,600 1,500 30,000 1,400 32,200 Of sales, 20% are in cash with the remainder on account. Accounts Receivable is collected from customers in the following manner Month of sale 40% Month following sale 50% Second month following sale 10% Robinson Corporation desires ending inventory for finished goods to be 40% of next month's sales. Each unit requires two pounds of material, cach pound costs $2.50. Robinson Corporation desires ending inventory of raw materials should be 60% of next month's needs. Materials are purchased on account. Payments are 30% in the month of sale with the remainder paid in the following month. The previous month's ending Accounts Payable balance was $6,922. In addition, each unit requires one hour of labor, each labor hour costs $13. REQUIRED: 1. Prepare a Revenue budget for November, including revenue, cash collections, and accounts receivable. 2. Prepare a Production Budget for November. 3. Prepare a Raw Materials Purchases Budget for November, including, cash disbursements. 4. Prepare the Direct Labor Budget including payments