Please help me answer these 2 questions from my homework, it is due at 11:59pm tonight if you can please help me figure the questions out beforehand. Also, if you could help explain how you solve them that would be very helpful! Thank you!

1) Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below:

	April	May	June	Total
Budgeted sales (all on account)	$ 360,000	$ 560,000	$ 220,000	$ 1,140,000

From past experience, the company has learned that 30% of a months sales are collected in the month of sale, another 60% 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 $290,000, and March sales totaled $320,000.

Required:

a) Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

b) What is the accounts receivable balance on June 30th?

2) The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours:

	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
Budgeted direct labor-hours	9,000	8,700	9,000	8,400

The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $3.25 per direct labor-hour and its total fixed manufacturing overhead is $58,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $14,500 per quarter.

Required:

a) Prepare the companys manufacturing overhead budget for the upcoming fiscal year.

b) Compute the companys predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.