Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May June $300,000 330,000 440,000 July All sales are on account. 58 percent of sales are expected to be collected in the month of the sale, 31% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. July Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July July sales on account: Collected in July Total cash collected Direct Labor Cost Budget MatchPoint Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for March for the two rackets is as follows: Junior Pro Striker Production budget 6,600 units 23,200 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Forming Department Assembly Department Junior 0.4 hour per unit 0.25 hour per unit 0.3 hour per unit Pro Striker 0.65 hour per unit The direct labor rate for each department is as follows: Forming Department $20 per hour Assembly Department $8 per hour Prepare the direct labor cost budget for March. MatchPoint Racket Company Direct Labor Cost Budget For the Month Ending March 31 Forming Assembly Department Department Hours required for production: Junior Pro Striker Total hours required Hourly rate Total direct labor cost