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Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,500 units (solar panels) in July and 4,600 units in August.

QS 22-15 Manufacturing: Factory overhead budget LO P1

Each unit requires 3 hours of direct labor at a rate of $14 per hour. Variable factory overhead is budgeted to be 70% of direct labor cost, and fixed factory overhead is $189,000 per month. Prepare a factory overhead budget for August.

MIAMI SOLAR
Factory Overhead Budget
For Month Ended August 31
Budgeted total overhead

QS 22-19 Cash receipts LO P2

Music World reports the following sales forecast: August, $180,000; and September, $250,000. Cash sales are normally 50% of total sales and all credit sales are expected to be collected in the month following the date of sale. Prepare a schedule of cash receipts for September.

MUSIC WORLD
Cash Receipts Budget
For Month Ended September 30
September cash sales
Collection of accounts receivable
Total budgeted cash receipts

QS 22-20 Cash receipts, with uncollectible accounts LO P2

The Guitar Shoppe reports the following sales forecast: August, $170,000; September, $170,000. Total sales include 35% cash sales, 50% credit sales collected in the month following sale, and 15% credit sales written off as uncollectible. Prepare a schedule of cash receipts for September.

THE GUITAR SHOPPE
Cash Receipts Budget
For Month Ended September 30
Cash receipts from August sales
Cash receipts from September sales
Total budgeted cash receipts

QS 22-23 Budgeted loan activity LO P2

Santos Co. is preparing a cash budget for February. The company has $15,000 cash at the beginning of February and anticipates $75,000 in cash receipts and $108,000 in cash disbursements during February. What amount, if any, must the company borrow during February to maintain a $5,000 cash balance? The company has no loans outstanding on February 1. (Negative cash balances, if any, should be indicated with minus sign.)

SANTOS CO.
Cash Budget
For Month Ended February 28
Beginning cash balance
Total cash available
Preliminary cash balance
Ending cash balance