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Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown the company's sales budget for the second quarter given below: From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30 th? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-ofmonth inventory levels must equal 15% of the following month's unit sales. The inventory at the end of March was 7,800 units. Required: Prepare a production budget by month and in total, for the second quarter. Exercise 8-3 (Algo) Direct Materials Budget [LO8-4] Four grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $2.10 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3: The inventory of musk oil at the end of a quarter must be equal to 20% of the following quarter's production needs. Some 78,400 grams of musk oil will be on hand to start the first quarter of Year 2. Required: Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2. Exercise 8-4 (Algo) Direct Labor Budget [LO8-5] The production manager of Rordan Corporation has submitted the following quarterly prod Each unit requires 0.75 direct labor-hours, and direct laborers are paid $14.00 per hour. Required: 1. Prepare the company's direct labor budget for the upcoming fiscal year. Note: Round "Direct labor time per unit (hours)" answers to 2 decimal places