Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 11.00

Iguana, Inc.

Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $18.00 per hour. Iguana has the following inventory policies:

    

        Ending finished goods inventory should be 40 percent of next monthAc€?cs sales.
        Ending raw materials inventory should be 30 percent of next monthAc€?cs production.

   

Expected unit sales (frames) for the upcoming months follow:

   

   
  March 475
  April 450
  May 500
  June 600
  July 550
  August 625

Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced. Annual fixed manufacturing overhead is estimated to be $11,200 ($700 per month) for expected production of 8,000 units for the year. Selling and administrative expenses are estimated at $850 per month plus $0.50 per unit sold.

     Iguana, Inc., had $17,100 cash on hand on April 1... Of its sales, 70 percent is in cash. Of the credit sales, 50% is collected during the month of the sale, and 50% is collected during the month following the sale.

     Of raw materials purchases, 70 percent is paid for during the month purchased and 30 percent is paid in the following month. Raw materials purchases for March 1 totaled $4,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $350 in depreciation. During April, Iguana plans to pay $5,000 for a piece of equipment.

   

Required:
1.

Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.)

     

 
 
  April May June 2nd Quarter Total
Budgeted Cash Receipts $13,612.50 $14,775.00 $17,550.00 $45,937.50
2.

Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.)

 
 
  April May June 2nd Quarter Total
Budgeted Cash Payments        
3.

Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000.00 to maintain a $15,000.00 minimum cash balance.

 
 
  April May June 2nd Quarter Total
Beginning Cash Balance $17,100.00     $17,100.00
Plus: Budgeted Cash Receipts       0.00
Less: Budgeted Cash Payments       0.00
Preliminary Cash Balance        
Cash Borrowed / Repaid        
Ending Cash Balance  

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 10:08 PM My Price 11.00

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