Reference no: EM132873395
Problem - Fein Company provided the following information relating to cash payments:
a. Fein purchased direct materials on account in the following amounts:
Unstyled table
June $68,000
July 77,000
August 73,000
b. Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.
c. In July, direct labor cost was $32,300. August direct labor cost was $35,400. The company finds that typically 90% of direct labor cost is paid in cash during the month, with the remainder paid in the following month.
d. August overhead amounted to $71,200, including $6,350 of depreciation.
e. Fein had taken out a 4-month loan of $15,000 on May 1. Interest, due with payment of principal, accrued at the rate of 9% per year. The loan and all interest were repaid on August 31. (Note: Use whole months to compute interest payment.)
Required - Prepare a schedule of cash payments for Fein Company for the month of August.
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