Question;DeVry University;ACCT346 Weekly Assignment;Week 6;Directions: Your assignment this week is to answer the two;questions below. Please note that Question #2 has 2 parts, Part A and Part B.;Please show your work for full credit and use the box provided. Please add more;rows or columns to the box if needed.;1. Cave Hardware's;forecasted sales for April, May, June, and July are $200,000, $230,000;$190,000, and $240,000, respectively. Sales are 65% cash and 35% credit with;all accounts receivables collected in the month following the sale. Cost of;goods sold is 75% of sales and ending inventory is maintained at $60,000 plus;10% of the following month's cost of goods sold. All inventory purchases are paid;22% in the month of purchase and 78% in the following month.;What are the cash collections budgeted for June?;2. Madden Corporation;manufactures t-shirts, which is its only product. The standards for t-shirts;are as follows;Standard direct labor cost per hour $17;Standard direct labor hours per t-shirt 0.6;During the month of January, the company produced 1,250;t-shirts. Related production data for the month is as follows;Actual direct labor hours 770;Actual direct labor cost incurred $13,000;2a. What is the direct labor rate variance for the month? Is;it favorable or unfavorable?;2b. What is the direct labor efficiency variance for the;month? Is it favorable or unfavorable?
Paper#39329 | Written in 18-Jul-2015Price : $26