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Prepare a cash receipts and payments schedule based on the details furnished.
Carter Company has projected sales and production in units for the second quarter of next year as follows:
April
May
June
Sales
60,000
40,000
50,000
Production
Required: a. Cash production costs are budgeted at $6 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses (all of which are paid in cash) amount to $120,000 per month. The accounts payable balance on March 31 totals $192,000, all of which will be paid in April. Prepare a schedule for each month showing budgeted cash disbursements for Carter Company. b. Assume that all units will be sold on account for $15 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on March 31 totaled $510,000 $(90,000 from February's sales and the remainder from March). Prepare a schedule for each month showing budgeted cash receipts for Carter Company.
He took the unit cost for an equivalent whole unit you completed in (3) above and multiplied this figure by 1,000. Will this method yield a valid estimate of incremental cost? Explain.
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