Please help me answer these questions. No guessing please.. Thank you 1) Dane Inc...

60.1K

Verified Solution

Question

Accounting

Please help me answer these questions. No guessing please.. Thank you

1) Dane Inc has forecast purchases on account to be $310,000 in March, $370,000 in April, $420,000 in May, and $490,000 in June. Seventy percent of purchases are paid for in the month of purchase, the remaining 30% are paid in the following month. What are budgeted cash payments for April?

a) $259,000 b) $385,000 c) $126,000 d) $352,000

2) Jillian Inc produces leather handbags. The production budget for the next four months is: July 5,400 units, August 7,800, September 8,000, October 8,800. Each handbag requires 2.3 hours of unskilled labor (paid $13 per hour) and 2.9 hours of skilled labor (paid $16 per hour). How many total labor hours will be budgeted for September?

a) 18,400 b) 23,200 c) 8,000 d) 41,600

3) Clare purchases a single product for $19 and sells it for $32. Forecasted sales for the next three months are July 4,900 units, August 6,800 units, September 7,700 units. Clare's policy is to have an ending inventory of 40% of the next month's sales needs on hand. July 1 inventory is projected to be 1,960 units. What are budgeted purchases in units for August?

a) 360 units b) 6,440 units c) 7,160 units d) 11,600 units

4) Grover has forecast sales to be $129,000 in February, $139,000 in March, $156,000 in April, and $145,000 in May. The average cost of goods sold is 80% of sales. All sales are on made on credit and sales are collected 60% in the month of sale, and 40% the month following. What are budgeted cash receipts in March?

a) $135,000 b) $98,500 c) $139,000 d) $95,700

5) Larken has forecast sales for the next three months as follows: July 4,900 units, August 6,400 units, September 7,600 units. Larken

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students