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 in the company's soles budget for the second quarter given below: budgeted sale (all on nocount) April $500,000 May 6700,000 June $240,000 Total 51.440,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sole, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale, Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460,000, 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 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales March sales April sales May sales June sales Total cash collections 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 in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April $500,000 May $700,000 June $240,000 Total $1,440,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sele. Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460,000 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 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Exercise 8-2 Production Budget (L08-3) Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the next four months as follows: April May June July Unit Sales 72,000 85,000 112,000 91,000 The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of- month inventory levels must equal 20% of the following month's unit sales. The inventory at the end of March was 14,400 units. Required: Prepare a production budget by month and in total, for the second quarter. Down Under Products, Ltd., Production Budget April May June Quarter Budgeted unit sales Total needs Required production in units