4 accounting questions need help (easy) 1.1 A company has credit sales of $60,000 in April, $90,000

4 accounting questions need help (easy) 1.1

A company has credit sales of $60,000 in April, $90,000 in May, and $110,000 in June. The company collects 60% of its sales in the month of sale, and collects 40% in the month following the sale. What would the cash collections be for May? $54,000 $60,000 $90,000 $78,000

Summit Corporation prepares its selling and administrative expense budget based on its budgeted unit sales. The sales budget shows 5,600 units are planned to be sold in March. The variable selling and administrative expense is $3.50 per unit. The budgeted fixed selling and administrative expense is $87,200 per month, which includes depreciation of $8,160 per month. What will be the total cash selling and administrative expenses in the March selling and administrative expense budget? $19,600 $106,800 $98,640 $79,040

Paul’s Custom Bikes collects cash from its sales according to the following schedule:

   

15% in the month of sale

75% in the month following sale

6% in the second month following sale

The following sales are expected:

     Expected Sales   January $270,000         February $280,000         March $365,000      

    

What are the expected cash collections for March? $280,950 $317,500 $365,000 $350,400

Who should normally be held responsible for a labor efficiency variance resulting from the use of poor quality materials?

Production manager

Purchasing manager

Human resources manager

Industrial engineering manager