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Question - Fonsey Corporation, a merchandising company, has provided the following budget data:
Month
Purchases
Sales
January
$39,500
$69,000
February
47,200
65,900
March
37,500
61,200
April
54,000
79,850
May
59,500
72,600
Collections from customers are normally 60% in the month of sale, 17% in the month following the sale, and 20% in the second month following the sale. It is expected that the balance be uncollectible. Fonsey pays for purchases in the month following the purchase. Cash disbursements for expenses other than merchandise purchases are expected to be $13,800 for May. Fonsey's cash balance on May 1 was $27,500.
Required -
1. Compute the expected cash collections during May.
2. Compute the expected cash balance on May 31.
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Calculate the Manufacturing Overhead balance at the end of the year and the journal entry to clear this amount if necessary.
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