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1 2.08 points 04 17:20 eBook Hint References Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: May June $570,000 $ 180,000 Total $1,120,000 Budgeted sales (all on account) $ 370,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $300,000, and March sales totaled $330,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Check my wor 1 2.08 points 8 04:17:07 eBook Hint Print References 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second qua Schedule of Expected Cash Collections April May February sales March sales April sales May sales June sales Total cash collections Required t June Total Required 2 > 1 2.08 points 04:16:52 eBook Hint Print References Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 2 2.08 points 04.16.08 eBook Hint References Exercise 8-2 (Algo) Production Budget [LO8-3] Down Under Products, Limited, of Australia has budgeted sales of its popular boomerang for the next four months as follows: April May June July Unit Sales 68,000 80,000 108,000 89,000 Check m The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of- month Inventory levels must equal 10% of the following month's unit sales. The inventory at the end of March was 6,800 units. Required: Prepare a production budget by month and in total, for the second quarter 2 2.08 points 04:15:54 eflook Print References Required: Prepare a production budget by month and in total, for the second quarter. Budgeted unit sales Total needs Required production in units Down Under Products, Limited. Production Budget April May June Quarter 3 2.08 points 04:15:36 eBook Hot Prive Exercise 8-3 (Algo) Direct Materials Budget [LO8-4] Three grams of musk oll are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $2.20 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3 First 72,000 Year 2 Second Third Fourth 102,000 162,000 112,000 Check my wor Year 3 First 82,000 Required: Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2 Budgeted production, in bottles The inventory of musk oil at the end of a quarter must be equal to 20% of the following quarter's production needs. Some 43,200 grams of musk oil will be on hand to start the first quarter of Year 2. 3 2.08 points 8.04.15-13 ellook Hint Pwww Neferences Prepare a direct materiais budget for musk oil, by quarter and in total, for Year 2 Units of raw materials needed per unit of finished goods Units of raw materials needed to meet production Total units of raw materials needed Units of raw materials to be purchased Unit cost of raw materials Cost of raw materials to purchased Mink Caress Direct Materials Budget-Year 2 First Quarter Second Quarter Third Quarter Fourth Quarter Check my wa Year