29 Jun Question Chpater 6 value:
Question
Chpater 6
value:
10.00 points
Foundational 7-1
Morganton Company makes one product and it provided the following information to help prepare the master budget for its four months of operations:
(a)
The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 8,400, 15,000, 17,000, and 18,000 units, respectively. All sales are on credit.
(b)
Thirty-percent of credit sales are collected in the month of the sale and 70% in the following month.
(c)
The ending finished goods inventory equals 30% of the following month’s unit sales.
(d)
The ending raw materials inventory equals 20% of the following month’s raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.50 per pound.
(e)
Thirty-percent of raw materials purchases are paid for in the month of purchase and 70% in the following month.
(f)
The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours.
(g)
The variable selling and administrative expense per unit sold is $1.60. The fixed selling and administrative expense per month is $65,000.
What are the budgeted sales for July?
Budgeted sales
$
2.
value:
10.00 points
Foundational 7-2
Morganton Company makes one product and it provided the following information to help prepare the master budget for its four months of operations:
(a)
The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,900, 30,000, 32,000, and 33,000 units, respectively. All sales are on credit.
(b)
Forty-percent of credit sales are collected in the month of the sale and 60% in the following month.
(c)
The ending finished goods inventory equals 30% of the following month’s unit sales.
(d)
The ending raw materials inventory equals 20% of the following month’s raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound.
(e)
Forty-percent of raw materials purchases are paid for in the month of purchase and 60% in the following month.
(f)
The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor-hours.
(g)
The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $69,000.
What are the expected cash collections for July?
Total cash collections
$
3.
value:
10.00 points
Foundational 7-3
Morganton Company makes one product and it provided the following information to help prepare the master budget for its four months of operations:
(a)
The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 8,600, 17,000, 19,000, and 20,000 units, respectively. All sales are on credit.
(b)
Thirty-percent of credit sales are collected in the month of the sale and 70% in the following month.
(c)
The ending finished goods inventory equals 25% of the following month’s unit sales.
(d)
The ending raw materials inventory equals 10% of the following month’s raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.40 per pound.
(e)
Thirty five-percent of raw materials purchases are paid for in the month of purchase and 65% in the following month.
(f)
The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours.
(g)
The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $67,000.
What is the accounts receivable balance at the end of July?
Accounts receivable
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