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Problems Help So April (actual May (actual) June (budgeted) July (budgeted) August (budgeted) UNES 3,000 2.400 5,500 4,500 4,200 Dollars $ 480,000 384,000 880,000 879,600 672,000 All sales are on credit. Recent experience shows that 28% of credit sales is collected in the month of the sale, 42% in the month after the sale, 27% in the second month after the sale, and 3% proves to be uncollectible The product's purchase price is $110 per unit. 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 22% of the next month's unit sales plus a safety stock of 135 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,260,000 and are paid evenly throughout the year in cash. The company's minimum cash balance at month end is $110,000. This minimum is maintained in necessary, by borrowing cash from the bank. If the balance exceeds $110,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 11% interest rate On May 31, the loan balance is $13.000 and the company's cash balance is $110.000 Required: 1. Prepare a schedule that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July 2. Prepare a schedule that shows the computation of budgeted ending inventories in units) for April May June and July 3. Prepare the merchandise purchases budget for May June and July Report Calculations in units and then show the collar amount of purchases for each month 4. Prepare a schedule showing the computation of cash payments for product purchases for June and July 5. Prepare a cash budget for June and July, including any loan activity and interest expense Compute the loan balance at the end of each month Pro 5 Si Nav o here to search He Prepare a schedule that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July. Percent Collected in June April May July August Credit sales from April May June July August Amount Collected in June Total April May July August Credit sales trom April May June $ 480,000 384 000 880.000 720,000 672.000 August POOM 5 of 5 II Nox Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a schedule showing the computation of cash payments for product purchases for June and July July Cash payments on product purchases (for Juno and July) Percont Paid in May June From purchases in May June July Amount Paid in June Total May July From purchases in May June July Cash Budget June and July June July Beginning cash balance Total cash available Cash payments for 0 0 Total cash payments Preliminary cash balance Ending cash balance Loan balance June July Loan balance - Beginning of month Additional loan (loan repayment) Loan balance End of month