there are 3 seperate questions in these photos. thank you.
Micro Products Inc, has developed a very powerful electronic calculator. Each calculator requires three small chips that cost $2 each and are purchased from an overseas supplier. Micro Products has prepared a production budget for the calculator by quarters for year 2 and for the first quarter of year 3, as shown below: Year 2 First Second Third Fourth 157,000 107,000 67,000 97,000 Year 3 First Budgeted production, in calculators 87,000 The chip used in production of the calculator is sometimes hard to get, so it is necessary to carry large inventories as a precaution against stock-outs. For this reason, the inventory of chips at the end of a quarter must be equal to 20% of the following quarter's production needs. A total of 43,000 chips will be on hand to start the first quarter of year 2 Required: Prepare a direct materials purchases budget for chips, by quarter and in total, for year 2. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. Micro Products, Inc. Direct Materials Budget - Year 2 Quarter First Second Third Fourth Year Required production in calculators Number of chips per calculator Production needs-chips Total needs Required purchases-chips Total cost of purchases The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year. Third Quarter First Quarter Budgeted unit sales 17,300 Second Quarter 16,300 Fourth Quarter 16,300 15,300 The selling price of the company's product is $30.00 per unit Management expects to collect 70% of sales in the quarter in which the sales are made and 20% in the following quarter, and 10% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $79,000. The company expects to start the first quarter with 4,500 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 4,700 units. Dennivad 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total Sales 1-b.Complete the schedule of expected cash collections. Graber Corporation Schedule of Expected Cash Collections 1st Quarter 2nd Quster 3rd Quarter 4th Quarter Year Accounts receivable, beginning balance 1st Quarter sales 2nd Quarter sales 3rd Quarter sales 4th Quarter sales Total cash collections 2. Prepare the company's production budget for the upcoming fiscal year. Graber Corporation Production Budget 2nd Quarter 3rd Quarter 1st Quarter 4th Quarter Year Budgeted unit sales Total units needed Required production The manufacturing division manager of Davison Enterprises has submitted the following production forecast (in units) for each quarter of the next fiscal year. The plant produces seats for motorcycles: Fourth Quarter First Quarter 10,750 Second Quarter 10,150 Third Quarter 10,250 Units to be produced 10,650 Each unit requires 0.40 direct labour-hours, and employees are paid $8 per hour. Required: 1. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of A hours required to produce the forecasted number of units. Davison Enterprises Direct Labor Budget First Quarter Second Quarter Third Quarter Fourth Quarter Year Units to be produced Direct labor time per unit (hours) Total direct labor hours needed Direct labor cost per hour Total direct labor cost 2. Prepare the company's direct labour budget for the next fiscal year, assuming that the direct labour workforce is not adjusted each quarter. Instead, assume that the company's direct labour workforce consists of permanent employees who are guaranteed to be paid for at least 4,100 hours of work each quarter. If the number of required direct labour-hours is less than this number, the workers are paid for 4,100 hours anyway. Any hours worked in excess of 4,100 hours in a quarter are paid at a rate of 1.5 times the normal hourly rate for direct labour. Davison Enterprises Direct Labor Budget First Quarter Second Quarter Third Quarter Fourth Quarter + Year Total direct labor hours needed Regular hours paid Overtime hours pald Wages for regular hours Overtime wages Total direct labor cost
