chapter 20 3 part question 3

! Required information 3 Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5.200 units (solar panels) in July and 5.600 units in August. QS 20-14 Manufacturing: Direct labor budget LO P1 Each unit requires 3 hours of direct labor at a rate of $18 per hour. Prepare a direct labor budget for July MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production Labor requirements per unit (hours) 5,200 3 Total labor hours needed Labor rate (per hour) Budgeted cost of direct labor Check my we Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,200 units (solar panels) in July and 5,600 units in August. QS 20-15 Manufacturing: Factory overhead budget LO P1 Each unit requires 3 hours of direct labor at a rate of $18 per hour. Variable factory overhead is budgeted to be 70% of direct labor cost, and fixed factory overhead is $176,000 per month. Prepare a factory overhead budget for August. MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Total budgeted direct labor Variable overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead $ 0 QS 20-22 Computing budgeted accounts receivable LO P2 Kingston anticipates total sales for June and July of $480,000 and $388,000, respectively. Cash sales are normally 65% of total sales. Of the credit sales, 25% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. As of July 31 Sales month Total Sales Credit Sales Percent Still Uncollected Amount Uncollected June 480,000 388,000 July Total