The marketing department of Graber Corporation has submitt

The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year. The selling price of the companys product is $24.00 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made 20% in the following quarter and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable all of which is expected to be collected in the first quarter is $66000. The company expects to start the first quarter with 2250 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarters budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2450 units. Compute the companys total sales. Complete the schedule of expected cash collections.(Do not round intermediate calculations. Leave no cells blank – be certain to enter 0 wherever required.) Prepare the companys production budget for the upcoming fiscal year.(Input all amounts as positive values. Do not round intermediate calculations.) The production department of Priston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year. In addition the beginning raw materials inventory for the 1st Quarter is budgeted to be 5250 pounds and the beginning accounts payable for the 1st Quarter is budgeted to be $13300. Each unit requires three pounds of raw material that costs $2.00 per pound. Management desires to end each quarter with a raw materials inventory equal to 25% of the following quarters production needs. The desired ending inventory for the 4th Quarter is 4500 pounds. Management plans to pay for 70% of raw material purchases in the quarter acquired and 30% in the following quarter. Each unit requires 0.5 direct labor-hours and direct labor-hour workers are paid $14 per hour. Prepare the companys direct materials budget for the upcoming fiscal year.(Input all amounts as positive values. Do not round intermediate calculations.) Prepare a schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year.(Leave no cells blank – be certain to enter 0 wherever required. Do not round intermediate calculations.) Complete the company’s direct labor budget for the upcoming fiscal year assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. The Production Department of Harveton Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year. In addition the variable manufacturing overhead rate is $1.50 per direct labor-hour. The fixed manufacturing overhead is $82000 per quarter. The only noncash element of manufacturing overhead is depreciation which is $34000 per quarter. Prepare the companys direct labor budget for the upcoming fiscal year assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. 2.Prepare the companys manufacturing overhead budget.(Input all amounts as positive values.) Colerain Corporation is a merchandising company that is preparing a profit plan for the third quarter of the calendar year. The companys balance sheet as of June 30 is shown below: Balance Sheet June 30 Estimated sales for July August September and October will be $250000 $270000 $260000 and $280000 respectively. All sales are on credit and all credit sales are collected. Each months credit sales are collected 30% in the month of sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. Each months ending inventory must equal 30% of the cost of next months sales. The cost of goods sold s 60% of sales. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. Monthly selling and administrative expenses are always $85000. Each month $6000 of this total amount is depreciation expense and the remaining $79000 relates to expenses that are paid in the month they are incurred. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. Prepare a schedule of expected cash collections for July August and September. Also compute total cash collections for the quarter ended September 30th.(Do not round intermediate calculations. Leave no cells blank – be certain to enter 0 wherever required.) Prepare a merchandise purchases budget for July August and September. Also compute total merchandise purchases for the quarter ended September 30th.(Input all amounts as positive values. Do not round intermediate calculations.) Prepare a schedule of expected cash disbursements for merchandise purchases for July August and September. Also compute total cash disbursements for merchandise purchases for the quarter ended September 30th.(Do not round intermediate calculations. Leave no cells blank – be certain to enter 0 wherever required.) Prepare an income statement for the quarter ended September 30th.(Input all amounts as positive values except losses which should be indicated by a minus sign. Do not round intermediate calculations. Leave no cells blank – be certain to enter 0 wherever required.) Prepare a balance sheet as of September 30th.(Be sure to list the assets and liabilities in order of their liquidity. Do not round intermediate calculations.) Nordic Company a merchandising company prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the second quarter. As of March 31 (the end of the prior quarter) the companys balance sheet showed the following account balances: Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales. Monthly selling and administrative expenses are budgeted as follows: salaries and wages $6500 per month; shipping 6% of sales; advertising $5000 per month; other expenses 4% of sales. Depreciation including depreciation on new assets acquired during the quarter will be $3000 for the quarter. Half of a months inventory purchases are paid for in the month of purchase and half in the following month. Equipment purchases during the quarter will be as follows: April $9500; and May $6000. Management wants to maintain a minimum cash balance of $8000. The company has an agreement with a local bank that allows the company to borrow in increments of $1000 at the beginning of each month up to a total loan balance of $20000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would as far as it is able repay the loan plus accumulated interest at the end of the quarter. Merchandise purchases budget.(Input all amounts as positive values.) Schedule of expected cash disbursements for merchandise purchases:(Leave no cells blank – be certain to enter 0 wherever required.) Schedule of expected cash disbursements for selling and administrative expenses: Cash budget.(Input all amounts as positive values except cash deficiency repayments and interest which should be indicated by a minus sign. Leave no cells blank – be certain to enter 0 wherever required. Total Financing should be indicated with a minus sign when the company is repaying amounts that were previously borrowed.) Prepare an absorption costing income statement for the quarter ending June 30.(Input all amounts as positive values.) Prepare a balance sheet as of June 30.(Be sure to list the assets and liabilities in order of their liquidity.)

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