FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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June 30
September 30
84,650 feet
? feet
e. Glden costs $0.60 per foot. One-half of a month's purchases of Gilden is pald for In the month of purchase; the remalnder Is pald
for In the following month. The accounts payable on July 1 for purchases of Glden during June will be $43,890.
Requlred:
1. Calculate the estimated sales, by month and In total, for the third quarter.
2. Calculate the expected cash collections, by month and in total, for the third quarter.
3. Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October.
4. Calculate the quantity of Glden (in feet) that needs to be purchased by month and in total, for the third quarter.
5. Calculate the cost of the raw material (Glden) purchases by month and in total, for the third quarter.
6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and In total, for the third quarter.
Complete this question by entering your answers In the tabs below.
Req 1
Req 2
Req 3
Req 4 and 5
Req 6
Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter.
July
August
September Quarter
Total cash disbursements
( Req 4 and 5
Reg>
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Transcribed Image Text:June 30 September 30 84,650 feet ? feet e. Glden costs $0.60 per foot. One-half of a month's purchases of Gilden is pald for In the month of purchase; the remalnder Is pald for In the following month. The accounts payable on July 1 for purchases of Glden during June will be $43,890. Requlred: 1. Calculate the estimated sales, by month and In total, for the third quarter. 2. Calculate the expected cash collections, by month and in total, for the third quarter. 3. Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October. 4. Calculate the quantity of Glden (in feet) that needs to be purchased by month and in total, for the third quarter. 5. Calculate the cost of the raw material (Glden) purchases by month and in total, for the third quarter. 6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and In total, for the third quarter. Complete this question by entering your answers In the tabs below. Req 1 Req 2 Req 3 Req 4 and 5 Req 6 Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter. July August September Quarter Total cash disbursements ( Req 4 and 5 Reg> < Prev 8 of 8 Next> Maciook - FS FS FIO %23 % & 3 4 6. 8 E R Y G H K C V and command しの
Check m
Milo Company manufactures beach umbrellas. The company is preparing detalled budgets for the third quarter and has assembled the
following Information to assist in the budget preparation:
a. The Marketing Department has estimated sales as follows for the remalnder of the year (In units):
25,500
July
August
September 50,000
October
81,000 November 12,000
December 12,500
35,500
The selling price of the beach umbrellas is $14 per unit.
b. All sales are on account. Based on past experience, sales are collected in the following pattern:
30 in the month of sale
65 in the month following sale
58 uncollectible
Sales for June totaled $420,00.
c. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the
end of June.
d. Each beach umbrella requires 4 feet of Glden, a material that is sometimes hard to acquire. Therefore, the company requires that
the ending inventory of Gilden be equal to 50% of the following month's production needs. The Inventory of Gilden on hand at the
beginning and end of the quarter will be:
84,650 feet
2 feet
June 30
September 30
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Transcribed Image Text:Check m Milo Company manufactures beach umbrellas. The company is preparing detalled budgets for the third quarter and has assembled the following Information to assist in the budget preparation: a. The Marketing Department has estimated sales as follows for the remalnder of the year (In units): 25,500 July August September 50,000 October 81,000 November 12,000 December 12,500 35,500 The selling price of the beach umbrellas is $14 per unit. b. All sales are on account. Based on past experience, sales are collected in the following pattern: 30 in the month of sale 65 in the month following sale 58 uncollectible Sales for June totaled $420,00. c. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the end of June. d. Each beach umbrella requires 4 feet of Glden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month's production needs. The Inventory of Gilden on hand at the beginning and end of the quarter will be: 84,650 feet 2 feet June 30 September 30 < Prev 8 of 8 Next> 411 『ア F4 FS %23 24 & 3 4 8. 9. W E R. Y F G J K C and command レ つ
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