1 - Win Bicycles, Inc. collects 25% of its sales on account in the month of the

Question

1 - Win Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $16,100 for March and $30,200 for April, what are the budgeted cash receipts from sales on account for April?

2 -The following information is for the standard and actual costs for the Happy Corporation. Enter favorable variances as negative numbers.

a. Determine the following:

b. Determine the following:

c. Determine the following:

4 - Robin Company purchased and used 520 pounds of direct materials to produce a product with a 510 pound standard direct materials requirement. The standard materials price is $2.10 per pound. The actual materials price was $2.00 per pound.

Robin records standards and variances in the general ledger as ?

1. Prepare the journal entries to record the purchase of the materials. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

2. Prepare the journal entries to record the material entering production. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

Quantity variance: $ SelectFavorableUnfavorableItem 2 Price variance: $ SelectFavorableUnfavorableItem 4 Total direct material cost variance: $ SelectFavorableUnfavorableItem 6

Explanation / Answer

Answer:1 $19625

Particulars March April Sales 16100 30200 25% sales are collected in month of sale 4025 7550 75% sales are collected in month following sales 12075 Total budgeted cash receipts 4025 19625

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