REQUIREMENTNUMBER 4&5 CLARITY Company makes one product. Its sales price is expected to be PS2 per unit.Actual 2021 sales:November 6,200 unitsDecember6,800 umitsCLARITY budgets its sales for the next six months of 2021 as follows:JamuaryFebruary5,400 units April 5,000 units5,200 units May5,500 units June5,800 units6,000 unitsMarchAll sales are on account. CLARITY collects its accounts as follows:70% in the month of sale20% in the month following sale10% in the second month following saleUncollectible accounts are negligible and can be disregarded.The beginning inventory on January 1, 2022 is 540 units. CLARITY desires an ending finished goodsinventory of 10% of the next month's budgeted sales.Each unit of finished goods requires 4 kilos of raw material that cost P3 a kilo. CLARITY desires anending inventory of raw materials equal to 20% of the following month's production needs. Assume thatCLARITY met this requirement at the end of December, 2021. CLARITY makes all purchases onaccount on tems net 30. CLARITY pays its accounts payable as follows: 60% in the month of sale and40% in the month following sale. Purchases in December were P62,000.Required: Prepare the following by month for the first quarter of 2021 and for the first quarter as a whole.1. Sales budget.2. Production budget.3. Purchases budget.4. Schedule of cash collections.5. Schedule of cash disbursements for accounts payable.

For Cash Collections : The Credit Sale Term given to Customers are 70% in the month of the Sale, 20%…

CLARITY Company makes one product. Its sales price is expected to be PS2 per unit. Actual 2021 sales: November 6,200 units December 6,800 units CLARITY budgets its sales for the next six months of 2021 as follows: January February March 3,400 units April 3,000 units 3,200 units May 3,800 units 3,500 units June 6,000 units All sales are on account. CLARITY collects its accounts as follows: 70% in the month of sale 20% in the month following sale 10% in the second month following sale Uncollectible accounts are negligible and can be disregarded.

CLARITY Company makes one product. Its sales price is expected to be PS2 per unit. Actual 2021 sales: November 6,200 units December 6,800 units CLARITY budgets its sales for the next six months of 2021 as follows: January February March 3,400 units April 3,000 units 3,200 units May 3,800 units 3,500 units June 6,000 units All sales are on account. CLARITY collects its accounts as follows: 70% in the month of sale 20% in the month following sale 10% in the second month following sale Uncollectible accounts are negligible and can be disregarded.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10PB: All Temps has a policy of always paying within the discount period, and each of its suppliers...

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CLARITY Company makes one product. Its sales price is expected to be PS2 per unit. Actual 2021 sales: November 6,200 units December 6,800 umits CLARITY budgets its sales for the next six months of 2021 as follows: Jamuary February 5,400 units April 5,000 units 5,200 units May 5,500 units June 5,800 units 6,000 units March All sales are on account. CLARITY collects its accounts as follows: 70% in the month of sale 20% in the month following sale 10% in the second month following sale Uncollectible accounts are negligible and can be disregarded. The beginning inventory on January 1, 2022 is 540 units. CLARITY desires an ending finished goods inventory of 10% of the next month's budgeted sales. Each unit of finished goods requires 4 kilos of raw material that cost P3 a kilo. CLARITY desires an ending inventory of raw materials equal to 20% of the following month's production needs. Assume that CLARITY met this requirement at the end of December, 2021. CLARITY makes all purchases on…
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