FIN + MANAG ACCT 180 DAY CUST CONN ACC
FIN + MANAG ACCT 180 DAY CUST CONN ACC
9th Edition
ISBN: 9781266114090
Author: Wild
Publisher: INTER MCG
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Chapter 20, Problem 21QS

Cash receipts, with uncollectible accounts P2

Well Company reports the following sales forecast: September, $55,000; October, $66,000; and November, $80,000. All sales are on account. Collections of credit sales are received as follows; 25% in the month of sales, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. Prepare a schedule of cash receipts for November.

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Fiona Industries plans to produce 30,000 units next period at a denominator activity of 60,000 direct labor hours. The direct labor wage rate is $16.50 per hour. The company's standards allow 2.2 yards of direct materials for each unit of product; the material costs $10.50 per yard. The company's budget includes a variable manufacturing overhead cost of $3.25 per direct labor hour and fixed manufacturing overhead of $285,000 per period. Using 60,000 direct labor hours as the denominator activity, compute the predetermined overhead rate and break it down into variable and fixed elements.
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FIN + MANAG ACCT 180 DAY CUST CONN ACC

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