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M.Acct 211 Second in class Assignment Q1- Budgeting The following are Virginia trading estimated sales during March, April, May and June 2018: - March . April - May - June $ 12,000 $ 15,000 $ 17,000 $ 19,000 Cash receipts from customers are expected to be %50 in the month of sale and %50 in the month following the sale. The company maintains ending inventory of $ 2,000 plus 5% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 20% of sales revenue. - Requirements: 1. Prepare the company's budgeted cash receipts for April and May. 2. Prepare the company's budgeted purchases for April and May. Q2- Variances Ahmadi manufacturers phones accessories. During January 2020, the company recorded the following data: Standard Cost Information Total Quantity 40,000 Parts Cost per unit (S) $ 2.00 per part Direct Materials Direct Labor 22,000 Hours $9.00 per hour Actual Information Total Quantity 35,000 parts Total Cost $77,000 Direct Materials Direct Labor 18,500 hours $ 157,250 Requirements: 1. Compute direct material's cost and efficiency variance. 2- Compute direct labor's cost and efficiency variance