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Posted by: Qualis Blackett
Price Quoted by Student: $5
Posted On: 2017-11-01 05:05:05
 
Question
In the fiscal quarter ended September 30, 1977, Yeager Milling Company plans to sell 720 units of product at a unit price of $8. There are to be 80,000 units of product on hand July 1, with a unit cost of $4.50. The company plans to manufacture 700,000 units of the product during the quarter with materials cost of $1,400,000, direct labor costs of $350,000, and manufacturing overhead costs of $1,050,000. The last-in, first-out inventory method is used. Depreciation of $135,000 is included in manufacturing overhead. Payments of $2,482,000 are to be made for materials purchased, direct labor, and manufacturing overhead. Collections on sales to be made during the quarter have been estimated at $3,410,000, and collections on sales made in preceding quarters have been estimated at $860,000. The cash balance on July 1, 1977, is to be $1,345,000; and regular dividends of $800,000 are to be paid. Question 1. Prepare an estimated income statement for the manufacturing operation for the quarter ended September 30, 1977. 2. From the information furnished, prepare and estimated statement of cash receipts and disbursements for the quarter.

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In the fiscal quarter ended Septembe
Price $1
Attachment 1: Question 4.docx
Solution Posted By: Accountinghelp    Posted on: 01-11-2017