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Milo Company manufactures beach umbrellas

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1. Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: a. The Marketing Department has estimated sales as follows for the remainder of the year (in units): July 42,500 August 95,000 September 61,000 October 32,500 November 19,000 December 19,500 The selling price of the beach umbrellas is $10 per unit. b. All sales are on account. Based on past experience, sales are collected in the following pattern: 301 in the month of sale 651 in the month following sale Si uncollectible Sales for June totaled $440,000. c. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the end of June d. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month's production needs. The inventory of Gilden on hand at the beginning and end of the quarter will be: June 30 September 30 100, 750 feet 7 feet e. Gilden costs $0.40 per foot. One-half of a month's purchases of Gilden is paid for in the month of purchase the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $37,660

Required: 1. Calculate the estimated sales, by month and in total, for the third quarter. 2. Calculate the expected cash collections, by month and in total, for the third quarter. 3. Calculate the estimated quantity of beach umbrellas that need to be produced in July, August September, and Oc 4. Calculate the quantity of Gilden (in feet) that needs to be purchased by month and in total, for the third quarter. 5. Calculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter. 6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the thir Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Req 4 and 5 Reg 6 Calculate the estimated sales, by month and in total, for the third quarter. July August September Quarter Budgeted sales Re Req 2 >

2. Problem 3-05A a-d, el-e2, f, 91-93 (Video) On November 1, 2020, the account balances of Kingbird, Inc. were as follows. No. 154 No. Debits 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment 201 $ 2,410 4,200 1,790 12,660 Credits Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $ 2,110 2,580 1,230 209 212 650 311 10,540 3,950 320 $21,060 $21,060 During November, the following summary transactions were completed. Nov. 8 Paid $1,750 for salaries due employees, of which $650 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,110 cash for services performed in November 15 Purchased equipment on account $1,950. 17 Purchased supplies on account $650. 20 Paid creditors on account $2,730. 22 Paid November rent $390. 25 Paid salaries $1,750. 27 Performed services on account and billed customers $1,950 for these services. 29 Received $570 from customers for future service. Enter the November 1 balances in the ledger accounts. Cash No. 101 Balance Date Explanation Ref Debit Credit Nov. 1 Balance ? Accounts Receivable Date Explanation No. 112 Balance Ref Debit Credit Nov. 1 Balance ? Supplies Date No. 126 Balance Explanation Ref Debit Credit Nov. 1 1 Balance ? Equipment Date Explanation No. 153 Balance Ref Debit Credit Nov. 1 Balance ? Accumulated Depreciation Equipment Date Explanation Ref No. 154 Balance Debit Credit Nov. 1 Balance ? Accounts Payable Date Explanation Nov. 1 Balance No. 201 Balance Ref Debit Credit Unearned Service Revenue Date Explanation No. 209 Balance Ref Debit Credit Nov. 1 Balance ? Salaries and Wages Payable Date Explanation No. 212 Balance Ref Debit Credit Nov. 1 Balance ? Common Stock Date Explanation No. 311 Balance Ref Debit Credit Nov. 1 Balance ? Retained Earnings Date Explanation No. 320 Balance Ref Debit Credit Nov. 1 Balance ?
Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journa Date Account Titles and Explanation Debit Credit Nov. 8
Post to the ledger accounts. (Post entries in the order of journal entries posted in the previous part of the question.) 'o not indent man Cash Date Ref Debit Credit Explanation Nov. 1 Balance No. 101 Balance 2,410 ? J1 J1 7 J1 J1 J1 J1 J1 Accounts Receivable Date Explanation Nov. 1 Balance Ref Debit Credit No. 112 Balance 4,200 ? 31 J1 Supplies Date Ref Debit Credit Explanation Nov. 1 Balance No. 126 Balance 1,790 ? J1 Equipment Date Ref Debit Credit Explanation Nov. 1 Balance No. 153 Balance 12,660 ? J1 No. 154 Balance Debit Credit Accumulated Depreciation Equipment Date Explanation Ref Nov. 1 Balance ? Accounts Payable Date Explanation Ref Nov. 1 Balance ? 2,110 No. 201 Balance 2,580 Debit Credit J1 J1 11 Unearned Service Revenue Date Explanation No. 209 Balance Ref Debit Credit Nov. 1 Balance ? 1,230 J1 Salaries and Wages Payable Date Explanation Nov. 1 Balance Ref Debit Credit No. 212 Balance 650 ? J1 No. 311 Balance Ref Debit Credit ? 10,540 Common Stock Date Explanation Nov. 1 Balance Retained Earnings Date Explanation Nov. 1 Balance Service Revenue Date Explanation Ref Debit Credit ? No. 320 Balance 3,950 No. 407 Balance Ref Debit Credit J1 J1 Salaries and Wages Expense Date Explanation No. 726 Balance Ref Debit Credit 11 J1 Rent Expense Date No. 729 Balance Explanation Ref Debit Credit J1
Prepare a trial balance at November 30. Kingbird, Inc. Trial Balance Debit Credit Totals Adjustment data consist of: 1. Supplies on hand $1,410. 2. Accrued salaries payable $325. 3. Depreciation for the month is $211. 4. Services related to unearned service revenue of $1,220 were performed. Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. 2. 3. 4.
Post the adjusting entries. Cash No. 101 Date Debit Credit Explanation Nov. 1 Balance Ref ? Balance 2,410 11 1,750 31 3,420 660 4,080 7,190 J1 3,110 Nov. 8 Nov. 10 Nov. 12 Nov. 20 Nov. 22 Nov. 25 J1 2,730 4,460 4,070 J1 390 J1 1,750 2,320 2,890 J1 570 Ref Debit Credit No. 112 Balance 4,200 ? J1 3,420 780 Nov. 29 Accounts Receivable Date Explanation Nov. 1 Balance Nov. 10 Nov. 27 Supplies Date Explanation Nov. 1 Balance Nov. 17 J1 1,950 Ref Debit Credit 2,730 No. 126 Balance 1,790 2,440 ? J1 650 Adjusting J1 Date Debit Credit No. 153 Balance 12,660 Equipment Explanation Ref Nov. 1 Balance ? Nov. 15 J1 Accumulated Depreciation Equipment Date Explanation Ref Nov. 1 Balance ? 1,950 14,610 No. 154 Balance 2,110 Debit Credit Adjusting J1 No. 201 Ref Debit Credit Balance 2,580 ? J1 1,950 J1 650 J1 2,730 Accounts Payable Date Explanation Nov. 1 Balance Nov. 15 Nov. 17 Nov. 20 Unearned Service Revenue Date Explanation Nov. 1 Balance Nov. 29 Salaries and Wages Payable Date Explanation Nov. 1 Balance Nov. 8 Ref Debit Credit 4,530 5,180 2,450 No. 209 Balance 1,230 1,800 No. 212 Balance 650 ? J1 570 Ref Debit Credit ? J1 650 0 Adjusting J1 Ref Debit Credit ? Common Stock Date Explanation Nov. 1 Balance Retained Earnings Date Explanation Nov. 1 Balance Service Revenue Date Explanation Nov. 12 Ref Debit Credit No. 311 Balance 10,540 No. 320 Balance 3,950 No. 407 Balance 3,110 5,060 ? Ref Debit Credit 3,110 J1 Nov. 27 J1 1,950 Adjusting J1 No. 615 Depreciation Expense Date Explanation Ref Debit Credit Balance Adjusting J1 Supplies Expense Date No. 631 Balance Explanation Ref Debit Credit Adjusting 31 No. 726 Balance Debit Credit Salaries and Wages Expense Date Explanation Nov. 8 Nov. 25 Ref J1 1,100 1,100 2,850 J1 1,750 Adjusting J1 Rent Expense No. 729 Date Explanation Ref Credit Balance Debit 390 Nov. 22 J1 390
Prepare an adjusted trial balance. Kingbird, Inc. Trial Balance Debit Credit Totals Prepare an income statement for November 30. Kingbird, Inc. Income Statement Prepare an retained earnings statement for November 30. Kingbird, Inc. Retained Earnings Statement S
Prepare a balance sheet at November 30. (List Assets in order of liquidity.) Kingbird, Inc. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $