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Question - Carter Company has projected sales and production in units for the second quarter of next year as follows:
April
May
June
Sales
60,000
40,000
50,000
Production
How to solve for the following:
a. Cash production costs are budgeted at $6 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses (all of which are paid in cash) amount to $120,000 per month. The accounts payable balance on March 31 totals $192,000, all of which will be paid in April.
How can create a schedule for each month showing budgeted cash disbursements for Carter Company?
b. Assume that all units will be sold on account for $15 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on March 31 totaled $510,000 $(90,000 from February's sales and the remainder from March). How can create a schedule for each month showing budgeted cash receipts for Carter Company.?
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