Titan manufactures and sells a

Titan manufactures and sells a product. It projects unit salesfor Jan, Feb, March and April of 2500, 2250, 3000, and 3750,respectively. At the end of a month, Titan plans to have finishedgoods inventory equal to 20% of the following month’s sales.

*Make a Monthly production schedule for Jan-March (Titan had 800units of finished goods on hand at the end of December.)

2.) Cubs sales for Jan, Feb, and March are budgeted to be \$5000,\$4500, and \$6000. 60% of sales are on credit with the 40% in cash.The credit collection history shows 30% of collections are in themonth of sale and 70% in the following month. Assuming that thecollection of the \$1500 balance in Accounts receivable at the endof December occurs in January, prepare a budget of the total cashreceipts for each month Jan-March.

 Ans.1 TITAN MANUFACTURES ProductionBudget For the FirstQuarter Jan. Feb. March Unit sales 2500 2250 3000 Add: Ending inventory 450 600 750 Total needed 2950 2850 3750 Less: Beginning inventory -800 -450 -600 Units produced 2150 2400 3150 *Calculation ofending inventory: *Calculation of beginninginventory: Months Amount Months Amount Jan. 2250*20% 450 Jan. given 800 Feb. 3000*20% 600 Feb. Ending inventory of jan. 450 March 3750*20% 750 March Ending inventory of feb. 600 *Ending inventory of previous month is equal to thebeginning inventory of current month. Ans.2 CUBS Cash CollectionBudget For the FirstQuarter Jan. Feb. March Cash sales 2000 1800 2400 Collection of credit sales: Balance of december 1500 30% of credit sales in month of sales 900 810 1080 70% of credit sales in the following month 2100 1890 Total Cash collections 4400 4710 5370 *Calculation ofcash sales: 40% of sales 5000*40% 4500*40% 6000*40% Cash sales 2000 1800 2400 *Calculation ofcredit sales: 5000*60% 4500*60% 6000*60% Credit sales 3000 2700 3600 WORKINGNOTES: Jan. Feb. March Balance of december 1500 30% of credit sales in month of sales 3000*30% 3000*70% 70% of credit sales in the following month 2700*30% 2700*70% 3600*30% *Explanations for January Balance of december 1500. 30% of january credit sales. *Explanations for February 70% of january credit sales 30% of february credit sales. *Explanations for March 70% of february credit sales 30% of march credit sales.

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