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Question - Bainbridge, Inc. has projected sales and production in units for the second quarter of the coming year as follows:
Production
95,000 AUG
85,000 SEP
70,000 OCT
Sales
85,000 AUG
75,000 SEP
95,000 OCT
Cash-related production costs are budgeted at $12 per unit produced. Of these production costs, 35% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $125,000 per month and increase 2% each month thereafter. The accounts payable balance on July 31 totals $388,000, which will be paid in August.
All units are sold on account for $20 each. Cash collections from sales are budgeted at 50% in the month of sale, 30% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. Accounts receivable on August 1 totaled $575,000 of which $125,000 was from June's sales and the remainder from July). Show work for A & B below on excel schedule.
Required - Prepare schedule for each month showing budgeted cash receipts for Bainbridge, Inc.
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