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Prepare the production budget and the sales budget

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Q1. XYZ Company manufactures and sell wooden product. It wants to prepare cash budget for the second quarter of the year. The company's sales budget for the second quarter given below:

April May June Total

Budgeted Credit sales $470,000 $670,000 $230,000 $1,370,000

Credit sales are collected as follows:

25% in the same month of sale

65% in the month following sale

10% in the second month following sale

February sales totaled $400,000, and March sales totaled $430,000.

Required - 1 Prepare the cash collection schedule for the second quarter.

2. What is the accounts receivable balance on June 30th?

Q2. ABC Corporation has estimated the following information for first quarter of 2020 for one of its products:

January February March

Units to be produced 128,000 140,000 152,000

Desired ending inventory of finished goods 30,000 36,000 38,000

The ending inventory at December 2019 was 28,000 units.

Required - Prepare the Production Budget and the Sales Budget for the first quarter of 2020, assuming selling price per unit is $20.

Reference no: EM133016448

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