Titan manufactures and sells a product. It projects unit sales for Jan, Feb, March and April...

Titan manufactures and sells a product. It projects unit sales for Jan, Feb, March and April of 2500, 2250, 3000, and 3750, respectively. At the end of a month, Titan plans to have finished goods inventory equal to 20% of the following month's sales.

*Make a Monthly production schedule for Jan-March (Titan had 800 units of finished goods on hand at the end of December.)

2.) Cubs sales for Jan, Feb, and March are budgeted to be $5000, $4500, and $6000. 60% of sales are on credit with the 40% in cash. The credit collection history shows 30% of collections are in the month of sale and 70% in the following month. Assuming that the collection of the $1500 balance in Accounts receivable at the end of December occurs in January, prepare a budget of the total cash receipts for each month Jan-March.

Expert Solution

Ans.1	TITAN MANUFACTURES
	Production Budget
	For the First Quarter
		Jan.	Feb.	March
	Unit sales	2500	2250	3000
	Add: Ending inventory	450	600	750
	Total needed	2950	2850	3750
	Less: Beginning inventory	-800	-450	-600
	Units produced	2150	2400	3150

	*Calculation of ending inventory:			*Calculation of beginning inventory:
	Months	Amount		Months	Amount
	Jan.	2250*20%	450	Jan.	given	800
	Feb.	3000*20%	600	Feb.	Ending inventory of jan.	450
	March	3750*20%	750	March	Ending inventory of feb.	600

	*Ending inventory of previous month is equal to the beginning inventory of current month.


Ans.2	CUBS
	Cash Collection Budget
	For the First Quarter
		Jan.	Feb.	March
	Cash sales	2000	1800	2400
	Collection of credit sales:
	Balance of december	1500
	30% of credit sales in month of sales	900	810	1080
	70% of credit sales in the following month		2100	1890
	Total Cash collections	4400	4710	5370


	*Calculation of cash sales:
	40% of sales	5000*40%	4500*40%	6000*40%
	Cash sales	2000	1800	2400

	*Calculation of credit sales:	5000*60%	4500*60%	6000*60%
	Credit sales	3000	2700	3600

	WORKING NOTES:
		Jan.	Feb.	March
	Balance of december	1500
	30% of credit sales in month of sales	3000*30%	3000*70%
	70% of credit sales in the following month		2700*30%	2700*70%
				3600*30%

	*Explanations for January	Balance of december 1500.
		30% of january credit sales.

	*Explanations for February	70% of january credit sales
		30% of february credit sales.

	*Explanations for March	70% of february credit sales
		30% of march credit sales.

ekkarill92 answered 2 years ago

Sill Corporation makes one product. Budgeted unit sales for January, February, March, and April are 9,900,...

Sill Corporation makes one product. Budgeted unit sales for January, February, March, and April are 9,900, 11,400, 11,900, and 13,400 units, respectively. The ending finished goods inventory equals 20% of the following month's sales. The ending raw materials inventory equals 40% of the following month’s raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. If 61,000 pounds of raw materials are required for production in March, then the budgeted raw material purchases for February...

Tuscarora, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $57,300...

Tuscarora, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $57,300 $60,000 $83,000 $98,000 Cost of goods sold 50% of sales Required ending inventory $10,000 + 30% of next month's sales Inventory on hand on Jan 1 $30,000 Calculate the budgeted purchases for the month of January. A. $28,000 B. $26,650 C. $650 D. $56,650

Tuscarora, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $54,000.00...

Tuscarora, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $54,000.00 $69,000.00 $86,000.00 $95,000.00 Cost of goods sold 50% of sales Required ending inventory $10,000.00 + 20% of next month's sales Inventory on hand on Jan 1 $27,500.00 Calculate the budgeted purchases for the month of January. A. $50,800.00 B. $23,300.00 C. $3,200.00 D. $23,800.00 Nyree Company is preparing its budget for the third quarter. The cash balance on June 30 was $32,000.00. Additional budgeted...

Jan 523.9 Feb 510.23 March 545.65 April 514.23 May 550.71 June 505.34 July 525.34 August 600...

Jan 523.9 Feb 510.23 March 545.65 April 514.23 May 550.71 June 505.34 July 525.34 August 600 Sept. 569.42 October 500.2 Novem. 533.12 December 507.11 What percentage of your bills are within two standard deviations of the mean?

Cash Budget Preparation PT ABC has sales 50,000 unit in March and 60,000 unit in April....

Cash Budget Preparation PT ABC has sales 50,000 unit in March and 60,000 unit in April. Sales prediction for May, June and July are 70,000,80,000 and 100,000 unit. Cash balance on May 1, is USD 5,000 and minimum cash policy is USD 5,000. Based on the data for May, June, July are as follow: a. Cash sales 20% on the month sales, 60% received next month and 20% the following (2months later) b. Other revenues USD 21,000 every month c....

ABC Company has the following projected sales: Month Sales Jan $5,000 Feb $14,000...

ABC Company has the following projected sales: Month Sales Jan $5,000 Feb $14,000 Mar $27,000 Apr $56,000 14% of the sales are collected in the same month. 26% of the sales are collected after one month, 42% of the sales are collected after two months, and the remainder are collected after three month. What is the amount of the April collections? Enter your answer rounded off to two decimal points. Do not enter $ or...

Swifty Corporation manufactures a product with a unit variable cost of $100 and a unit sales...

Swifty Corporation manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480000 when 10000 units were produced and sold. The company has a one-time opportunity to sell an additional 1000 units at $145 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows: Income...

Joshua Studios expects the following sales in March, April and May: Sales $ Purchases $ March...

Joshua Studios expects the following sales in March, April and May: Sales $ Purchases $ March 240,000 180,000 April 250,000 210,000 May 300,000 225,000 The controller has determined that the company collects sales in the following pattern: 30% in the month of sale, 50% in the first month after sale, 10% in the second month after sale, and 10% uncollectable. Based on the agreed terms of trade with suppliers, 40% of purchases are expected to be paid in the month...

Village industries expects total sales for Jan, Feb, and Mar to be $300,000, $350,000, and $400,000...

Village industries expects total sales for Jan, Feb, and Mar to be $300,000, $350,000, and $400,000 respectively. All sales are on credit. It expects to collect 60% of the sales in the month of sale and 35% in the following month. a) Compute the cash collections from customers for Feb and Mar. February: $ March: $ b) Compute the accounts receivable for : March: $ April: $

Using basic Python 2. Given the following dictionary: speed ={'jan':47, 'feb':52, 'march':47, 'April':44, 'May':52, 'June':53, 'july':54,...

Using basic Python 2. Given the following dictionary: speed ={'jan':47, 'feb':52, 'march':47, 'April':44, 'May':52, 'June':53, 'july':54, 'Aug':44, 'Sept':54} Get all values from the dictionary and add it to a new list called speedList, but don’t add duplicates values to the new list. Your code should print out: speedList [47, 52, 44, 53, 54] 3. Given the following list of numbers: numberList = [10, 20, 33, 46, 55, 61, 70, 88, 95] First iterate the list and print only those numbers,...

Question