Beauty Spa & Co. manufactures a specialised luxury spa that is supplied to five-star hotels around the country. The owner provides you with the following information to prepare its 1st quarter budget: July, August, and September. Budgeted sales are as follows:   Month Sales ($) Units Sold May 25,000 250 June 28,000 280 July 30,000 300 August 40,000 400 September 35,000 350 October 37,000 370   Additional information: i) Purchases are budgeted at $5.00 per unit and are paid for in full in the month after purchase. ii) Closing inventory must equal 50% of the next month’s sales. iii) Sales (which are all on credit) are collected as follows: 60% in the month of sale; 30% in the month after the sale; 5% in the second month after the sale.       iv) The balance in the bank account as of 30 June is $10,000.   Required (show your workings for each question): Prepare the schedule of expected cash collections from Accounts Receivable for the months of July and August.

Furniture Island manufactures customized dining tables and isin the process of preparing its budgets for the next quarter (April,May and June). To date the following budgeted information hasbeen compiled for one of its popular products ‘Mode’:ModeBudgeted sales (units)April 3,000May 5,500June 3,500July 4,000Budgeted selling price per unit: £8080% of sales are on credit. Credit terms are strictly 30 days. 1%of all sales will result in bad debt. Trade receivables outstandingon 31st March were £65,000 (which are all collectible in April). Material X (kilogrammes) 3 kgMaterial planner has provided the following information:Material X ModeOpening inventory(April)1,000 kg 1,200 unitsClosing inventory(June)1,800 kg xPurchase price (perkilogramme)£2.50 x[ACC2003/LAC2003][Page 9 of 10]All purchases are paid in the same month to the supplier.Management have decided closing stock at the end of eachmonth should be as follows:Raw materials: 10% of the next month’s usageFinished goods: 10% of the…

Milo Company manufactures beach umbrellas. The company is preparing detailed 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 remander of the year (in units): July August Septemben 33,000 October 76,000 November 45,000 December 23,000 9,500 10,000 The selling price of the beach umbrellas is $15 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 5% uncollectible Sales for June totaled $375,000. 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. Each beach umbrella requires 4 feet of Gilden, 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…

Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter:   Budgeted monthly absorption costing income statements for April–July are:     April May June July Sales $ 690,000 $ 860,000 $ 570,000 $ 470,000 Cost of goods sold 483,000 602,000 399,000 329,000 Gross margin 207,000 258,000 171,000 141,000 Selling and administrative expenses:         Selling expense 87,000 106,000 68,000 47,000 Administrative expense* 48,500 65,600 42,200 45,000 Total selling and administrative expenses 135,500 171,600 110,200 92,000 Net operating income $ 71,500 $ 86,400 $ 60,800 $ 49,000 *Includes $29,000 of depreciation each month.   Sales are 20% for cash and 80% on account. Sales on account are…

Furniture Island manufactures customized dining tables and isin the process of preparing its budgets for the next quarter (April,May and June). To date the following budgeted information hasbeen compiled for one of its popular products ‘Mode’:ModeBudgeted sales (units)April 3,000May 5,500June 3,500July 4,000Budgeted selling price per unit: £8080% of sales are on credit. Credit terms are strictly 30 days. 1%of all sales will result in bad debt. Trade receivables outstandingon 31st March were £65,000 (which are all collectible in April). Material X (kilogrammes) 3 kgMaterial planner has provided the following information:Material X ModeOpening inventory(April)1,000 kg 1,200 unitsClosing inventory(June)1,800 kg xPurchase price (perkilogramme)£2.50 x[ACC2003/LAC2003][Page 9 of 10]All purchases are paid in the same month to the supplier.Management have decided closing stock at the end of eachmonth should be as follows:Raw materials: 10% of the next month’s usageFinished goods: 10% of the…

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Lozano Company manufactures T-shirts printed with tourist destination logos. The following table shows sales prices and projected sales volume for the summer months: Prepare a sales budget for Lozano Company for the three months .

Milo Company manufactures beach umbrellas. The company is preparing detailed 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 remainder of the year (in units):   July 30,500 October 20,500 August 71,000 November 7,000 September 40,000 December 7,500 The selling price of the beach umbrellas is $10 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 5% uncollectible   Sales for June totaled $200,000. 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 Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50%…

Use the following information for questions 5 & 6: Dilly Farm Supply is in a small town in the rural west. Data regarding the store's operations follow: • Sales are budgeted at $290,000 for November, $310,000 for December, and $210,000 for January. • Collections are expected to be 65% in the month of sale and 35% in the month following the sale. • The cost of goods sold is 80% of sales. • The company desires to have an ending merchandise inventory at the end of each month equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. • Other monthly expenses to be paid in cash are $21,100. ● Monthly depreciation is $21,000. • Ignore taxes. Assets Cash A/R Inventory PP&E, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity A/P Common Stock Retained Earnings Total liabilities and stockholders' equity 5. 6. Balance Sheet October 31 a. b. Expected cash collections in December are: C. d. a. b.…

Dolson Appliances makes coffee machines for offices and homes. For next year, the production budget is 135,000 units. Beginning inventories will be 15,000 units and the desired ending inventory will be 13,000 units. Required: What is the sales budget for the coming year for Dolson Appliances? Sales budget units