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Prepare a three-month cash budget

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Presented below are selected budget data items for Globe Corporation for a three-month period:

Sales
Direct materials
Direct labor
Variable overhead
Fixed overhead
Selling and admin. costs
Fixed loan payments		 OCTOBER
$960,000
$123,000
$90,000
$65,600
$140,000
$312,000
$140,000		 NOVEMBER
$870,000
$119,000
$85,000
$62,400
$140,000
$310,000
$140,000

DECEMBER

$850,000

$125,000

$96,000

$68,000

$140,000

$315,000

$140,000

Sales were $770,000 in August and $840,000 in September. Material usage was $115,000 in August and $118,000 in September. All sales are on account, and accounts receivable is historically collected 15% in the month of sale, 65% in the month following sales, and the remainder two months after the sale. Materials are paid for 40% in the month used and 60% the following month. All other expenses are paid in the month incurred. The cash balance was $35,000 at the beginning of October, and management wants to determine if the company will have enough cash to pay a year-end bonus.

Prepare a three-month cash budget, including a schedule for cash collections and material payments.

Reference no: EM131755288

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