* 00I今4Midland Company buys tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small company inEurope, so at all times it keeps on hand a stock equal to the tiles needed for three months' sales. The tiles cost $1.25 each and mustbe paid for in cash. The company has 29,000 tiles in stock. Sales estimates, based on contracts received, are as follows for the nextsix months:JanuaryFebruaryMarch11,80018,80013,20014,400eBookAprilMay9,4006,300PrintJuneReferencesRequired:a. & b. Estimate purchases (in units) and cash required to make purchases in January, February, and March.MIDLAND COMPANYMerchandise Purchases BudgetFor the Period Ended March 31(in units)JanuaryFebruaryMarchUnits to be purchasedEstimated costGraw< Prev.5 of 5NextO Type here to search五PriSc区+DV<F10F11F12F-181233.&7.GBAltAlt

The production budget is prepared to estimate the production cost to be incurred in the future.

Midland Company buys tiles and prints different designs on them for Europe, so at all times it keeps on hand a stock equal to the tiles nee be paid for in cash. The company has 29,000 tiles in stock. Sales est six months: January February March 11,800 13,200 14,400 April May June Required: a. & b. Estimate purchases (in units) and cash required to make purcl MIDLAND COMPANY Merchandise Purchases Budget For the Period Ended March 31 (in units) January February March Units to be purchased Estimated cost

Midland Company buys tiles and prints different designs on them for Europe, so at all times it keeps on hand a stock equal to the tiles nee be paid for in cash. The company has 29,000 tiles in stock. Sales est six months: January February March 11,800 13,200 14,400 April May June Required: a. & b. Estimate purchases (in units) and cash required to make purcl MIDLAND COMPANY Merchandise Purchases Budget For the Period Ended March 31 (in units) January February March Units to be purchased Estimated cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
Marsden Company has three departments occupying the following amount of floor space: 20,000 square feet 10,500 square feet 30,000 square feet Department 1 Department 2 Department 3 How much store rent should be allocated to Department 3 if total rent is equal to $94,000? Note: Do not round Intermediate calculations. Multiple Choice $30,000 $46.612 $16,314 None of the answers are correct.
Cash disbursements schedule Maris Brothers, Inc., needs a cash disbursement schedule for the months of April, May, and June. Use the format given here and the following information in its preparation. Sales: February $493,000; March $517,000; April $539,000; May $627,000; June $660,000; July $651,000 Purchases: Purchases are calculated as 65% of the next month's sales, 12% of purchases are made in cash, 55% of purchases are paid for 1 month after purchase, and the remaining 33% of purchases are paid for 2 months after purchase. Rent: The firm pays rent of $8,020 per month. Wages and salaries: Base wage and salary costs are fixed at $5,700 per month plus a variable cost of 7.3% of the current month's sales. Taxes: A tax payment of $54,700 is due in June. Fixed asset outlays: New equipment costing $74,900 will be bought and paid for in April. Interest payments: An interest payment of $30,100 is due in June. Cash dividends: Dividends of $13,000 will be paid in April. Principal repayments…
None
Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $25,000 $36,000 $19,000 $25,000 Jan. Feb. Cash collected %24 %24
Lindor Enterprises projects sales for the first three months of the year to be: $10,100 in January, $12,400 in February, and $12,900 in March. Cash receipts are expected to be: $8,450 in January, $11,770 in February, and $12,810 in March.They anticipate the following cash payments: Lindor Enterprises January February March Direct materials purchased $3,500 $4,000 $4,900 Direct labor costs $3,000 $4,100 $3,600 Depreciation on plant $510 $510 $510 Utilities for plant $650 $650 $650 Property taxes on plant $140 $140 $140 Depreciation on office $560 $560 $560 Utilities for office $370 $370 $370 Property taxes on office $170 $170 $170 Office salaries $2,900 $2,900 $2,900 All costs are paid in the month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a…
Using the following data for for Rodriguez Art Studio to prepare a cash follow forecast. - Sales revenue: $10,000 March, $10,000 April, $9,000 May, $11,000 June. - Payment from customers is 50% paid in cash, 50% paid on one months credit - Direct Costs $5,500 April, $4,950 May, $6,060 June. - Opening Cash Balance in April $1,200 - Indirect Costs are $5,100 per month. What is the Total Cash inflow in May? Options -$4,500 -$11,200 -$10,000 -$9,500 What is the Net Cash flow in April? Options -$-600 -$660 -$-610 $600
subject - accounting
Please help me with show all calculation thanku
Speedy Auto Repairs uses a job-order costing system. The company's direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics' hourly wages. Speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the following estimates: Direct labor-hours required to support estimated output Fixed overhead cost Variable overhead cost per direct labor-hour Required: 1. Compute the predetermined overhead rate. 2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information was available with respect to his job: Direct materials Direct labor cost Direct labor-hours used $ 626 $ 292 4 12,000 $ 114,000 $ 1.00 Compute Mr.…
Problem 2. Turi Corp plans to produce 20,000, 24,000, and 30,000 units, respectively, in September, October, and November. Each of these units requires three units of part no. 879, which the company can purchase for US$7 each. Turi has 35,000 units of part no. 879 in stock on August 31. Required: Prepare a direct-material purchases budget for the months of September and October. Desired ending inventory is 30% of the production usage in the following month.