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Problem
October
November
December
Sales
960,000
870,000
850,000
Direct Materials
123,000
119,000
125,000
Direct Labor
90,000
85,000
96,000
Variable Overhead
65,600
62,400
68,000
Fixed Overhead
140,000
Selling and Admin Costs
312,000
310,000
315,000
Fixed Loan Payments
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.
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