Consider Derek's budget information: materials to be used, $64,800; direct labor, $201,500; factory overhead, $398,800; work in process inventory on January 1, $185,600; and work in progress inventory on December 31, $197,000. What is the budgeted cost of goods manufactured for the year?
a.$653,700
b.$850,700
c.$197,000
d.$665,100
Use the information below for Nuthatch Corporation to answer the question that follow.
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business—September, October, and November—are $236,000, $316,000, and $412,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale.
The cash collections expected in September from accounts receivable are estimated to be
a.$165,200
b.$236,000
c.$132,160
d.$283,200
Woodpecker Co. has $310,000 in accounts receivable on January 1. Budgeted sales for January are $934,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are
a.$845,760
b.$1,057,200
c.$1,367,200
d.$634,320
1) Cost of goods manufactured
Total manufacturing cost = 64800+201500+398800 = 665100
Cost of goods manufactured = 185600+665100-197000 = 653700
So answer is a) $653700
2) Cash collection in september = (236000*70%*80%) = 132160
So answer is c) $132160
3) January Cash collection = 310000+(934000*20%+934000*80%*75%) = 1057200
So answer is b) $1057200
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