Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following information for Questions 1-4 Harvest Oaks Furniture, Inc manufactures wooden dining chairs. The company is preparing detailed budgets for the third quarter
Use the following information for Questions 1-4 Harvest Oaks Furniture, Inc manufactures wooden dining chairs. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation A Estimated unit sales for the next several months Month July August September October November December Units 40,500 91.000 60,000 30,500 17,000 17,500 The selling price of the wooden dining chairs is $12 per unit B. All sales are on account. These sales on account are usually collected in the following pattem 309 659 in the month of sale in the month following sale Uncollectible 59 Sales for June totaled $480,000 C. The company maintains finished goods inventories oqual to 15% of the following month's sales. This requirement will be met at the end of June. D. One-half of'a month's purchases of Wood is paid for in the month of purchase, the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Wood during June will be $52,890. Cost of raw materials to be purchased for each month and the third quarter are: July $161,310, August $170,310: September->$100,860; Quarter >$432,480 Submit Return during June will be 852,890. Cost of raw materials to be purchased for each month and aduld unterste buty > 363.0.33700310 September Orte $432.450 What is the total estimated Chadgeted) sale for the third quarter? Type your answer 2 poles What is the total expected cash collection for the third quarter? Type your answer 3 2 points What is the required units of production for the month of July? Type your answer 2 points Calculate the total cash disbursement for the third quarter? Type your
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started