following information reflects projections for Year 2 ? the coming year ? and the first quarter of Year 3.
a. Units sell at $10 each. Budgeted sales for the next 5 quarters are outlined below.
Year 2 Quarter
Budgeted unit sales
| || |
| || || || || |
| || |
b. Sales are collected in the following pattern: 75% are collected in the quarter the sales are made, and the remaining 25% are collected in the following quarter. On January 1, Year 2, the company had accounts receivable of $65,000, all of which will be collected in the first quarter of Year 2. Bad debts are negligible and can be ignored.
c. The company desires finished goods inventory at the end of each quarter equal to 30% of the budgeted unit sales for the next quarter. On December 31, Year 1, the company had 15,000 completed units on hand.
d. Five pounds of raw materials inventory is required to complete one unit of product. The company requires ending raw materials inventory at the end of each quarter equal to 10% of the following quarter?s production needs. On December 31, Year 1, the company had 38,000 pounds of raw material on hand.
e. Raw material cost is $0.80 per pound.
Prepare the following budgets and schedules for Year 2, showing quarterly figures:
1. Sales budget
2. Schedule of expected cash collections
3. Production budget
4. Direct materials budget that summarizes both pounds and dollars.
This question was answered on: Apr 19, 2020Buy this answer for only: $15
This attachment is locked
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this QuestionSTATUS
Apr 19, 2020EXPERT
YES, THIS IS LEGAL
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.