Acc 206 Week 4 Chapter 6 , 7 Problems

a. Rounding computations to the nearest dollar, prepare the following for January through March:1) Sales budgetSALES BUDGETJanuaryFebruary MarchQuarterAprilMaySales in unitsx Selling priceTotal SalesEXPECTED CASH COLLECTIONSJanuary February2)Accounts Recivable of Dec60% Collected in the same month40% collected in the next monthTotal Cash CollectedPRODUCTION BUDGETPlus desired units of ending Fin. Goods Inv.Desired Total UnitsLess: units of beg. Fin. Goods Inv.Total production units30 % of next months saleDIRECT MATERIALS PURCHASES BUDGETTotal production needsx Cost per lb. Total cost of Dir. Mat. PurchasedSCHEDULE OF EXPECTED CASH PAYMENTS FOR MATERIALSDIRECT LABOR BUDGETx Direct labor minutes per unitTotal direct labor min.divided by 60Total direct labor hoursx Direct labor cost per hr.Total direct labor cost x 4 per unit Plus desired end. Dir. Mat. Inv. Less beg. Dir Mat. Inv.Total Dir. Mat. to be purchasedA/P, Dec. Cost of Direct Material70% paid in the same month30% paid in the following monthTotal Paymentsb. Determine the balances in the following accounts as of March 31:1) Accounts Receivable2) Direct Materials3) Accounts Payable60% of next months producton needsChapter 7 Problem 1Chapter 6 Problem 3a. Prepare a flexible budget for 20,000, 22,500, and 25,000 units of activity. Instructions:ParticularsDirect material @.40 per unitDirect labor 1.80 per unit Variable factory overhead 2.20 per unit Fixed factory