Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

s preparing its master budget for the first quarter of the upcoming year. The following data pertain to Dalley Manufacturing's operations EEB Click the lcon

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
s preparing its master budget for the first quarter of the upcoming year. The following data pertain to Dalley Manufacturing's operations EEB Click the lcon to view the data.) Read the requirements. (Click the icon to view additional data) Data Table Current Assets as of December 31 (prior year): Cash 4,600 46,000 $ 15,200 $121,500 $43,000 ..$126,000 $23,100 Accounts receivable, net. . Inventory Property, plant, and equipment, net . $ Accounts payable Capital stock Retained earnings Qu Print Done More Info a Actual sales in December were $71,000. Selling price per unit is projected to remain stable at $12 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January 99,600 February ..118,800 March. ...$ 115,200 April .. May 108,000 $ 103,200 b,Sales are 35% cash and 65% credit. All credit sales are collected in the month following the sale. d.Of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month e. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is Dalley Manufacturing has a policy that states that each month's ending inventory of fir shed goods should be 10% of the follo ing month's sales (in units) following purchase. Three pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 20% of next month's production needs 0.05. The direct labor rate per hour is $9 per hour. All direct labor is paid for in the month in which the work is performed. The diredt labor total cost for each of the upcoming three months is as follows: (Hi MS f ts th M ol t uf at st ) tx cef ni th d m ne e -hm He t ri it aune pr di ca ca eee at e e te It re 91 Requirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. Dalley Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month Quarter March January February Cash sales Credits sales Total cash collections s preparing its master budget for the first quarter of the upcoming year. The following data pertain to Dalley Manufacturing's operations EEB Click the lcon to view the data.) Read the requirements. (Click the icon to view additional data) Data Table Current Assets as of December 31 (prior year): Cash 4,600 46,000 $ 15,200 $121,500 $43,000 ..$126,000 $23,100 Accounts receivable, net. . Inventory Property, plant, and equipment, net . $ Accounts payable Capital stock Retained earnings Qu Print Done More Info a Actual sales in December were $71,000. Selling price per unit is projected to remain stable at $12 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January 99,600 February ..118,800 March. ...$ 115,200 April .. May 108,000 $ 103,200 b,Sales are 35% cash and 65% credit. All credit sales are collected in the month following the sale. d.Of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month e. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is Dalley Manufacturing has a policy that states that each month's ending inventory of fir shed goods should be 10% of the follo ing month's sales (in units) following purchase. Three pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 20% of next month's production needs 0.05. The direct labor rate per hour is $9 per hour. All direct labor is paid for in the month in which the work is performed. The diredt labor total cost for each of the upcoming three months is as follows: (Hi MS f ts th M ol t uf at st ) tx cef ni th d m ne e -hm He t ri it aune pr di ca ca eee at e e te It re 91 Requirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. Dalley Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month Quarter March January February Cash sales Credits sales Total cash collections

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: William Messier, Steven Glover, Douglas Prawitt

8th Edition

0078025435, 9780078025433

More Books

Students also viewed these Accounting questions

Question

5 What are the ongoing challenges for HRM?

Answered: 1 week ago

Question

4 What typifies the first and second waves of HRM?

Answered: 1 week ago