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Answer number 11 to 26 only.

Answer number 11 to 26 only.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer number 11 to 26 only.
GGG Company Assume that the firm is expecting to have the following quarterly unit sales with a price of P85: First Quarter Second Quarter 5,500 Third Quarter Fourth Quarter 5,000 6,000 6,500 50% of which are collected at the same month and the remaining 30% will be collected next quarter and the 20% on the next 2 quarters. Assume further that their ending inventory will be 25% of the next quarter's units and for the fourth quarter they had 1,300 units left. There is an accounts receivable recorded amounting to P350,000 GGG Company Sales Budget For the Year Ended December 31, 2022 Quarter Total 23,000 85 1,955,000 2 3 Expected sales in units Unit Sales Price 5,000 85 425,000 Schedule of Expected Cash Collections 5,500 85 467,500 6,000 85 510,000 6,500 85 552,500 Total Sales 1 2 3 Total Accounts Reccivable P350,000 P350,000 First Quarter 1. Second Quarter Third Quarter Fourth Quarter Total Cash Collection 127,500 85,000 4. 5. 6. 7. 233,750 2. 93,500 3. 153,000 276,250 P522,750 10. 8. P361,250 9. GGG Company Production Budget For the Year Ended December 31, 2022 Quarter 1 2 3 4 Total Budgeted Sales Volume Add: Desired Ending Inventory 11. 5,000 5,500 6,000 6,500 23,000 13. 15. 17. 19. Units Available for Sale 12. 14. 16. 18. 20. Less: Beginning Inventory Required Production Units 21. 22. 23. 24. 25. 5,125 5,625 6,125 6,175 26.
Transcribed Image Text:GGG Company Assume that the firm is expecting to have the following quarterly unit sales with a price of P85: First Quarter Second Quarter 5,500 Third Quarter Fourth Quarter 5,000 6,000 6,500 50% of which are collected at the same month and the remaining 30% will be collected next quarter and the 20% on the next 2 quarters. Assume further that their ending inventory will be 25% of the next quarter's units and for the fourth quarter they had 1,300 units left. There is an accounts receivable recorded amounting to P350,000 GGG Company Sales Budget For the Year Ended December 31, 2022 Quarter Total 23,000 85 1,955,000 2 3 Expected sales in units Unit Sales Price 5,000 85 425,000 Schedule of Expected Cash Collections 5,500 85 467,500 6,000 85 510,000 6,500 85 552,500 Total Sales 1 2 3 Total Accounts Reccivable P350,000 P350,000 First Quarter 1. Second Quarter Third Quarter Fourth Quarter Total Cash Collection 127,500 85,000 4. 5. 6. 7. 233,750 2. 93,500 3. 153,000 276,250 P522,750 10. 8. P361,250 9. GGG Company Production Budget For the Year Ended December 31, 2022 Quarter 1 2 3 4 Total Budgeted Sales Volume Add: Desired Ending Inventory 11. 5,000 5,500 6,000 6,500 23,000 13. 15. 17. 19. Units Available for Sale 12. 14. 16. 18. 20. Less: Beginning Inventory Required Production Units 21. 22. 23. 24. 25. 5,125 5,625 6,125 6,175 26.
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