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Accounting

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1. Playtime Toys began operations on January 1, 2008. During January it produced 2,000 toys and sold 1,850 toys. The following are needed to make I toy 2 board feet at $3 per foot 1.5 quarts at $2 per quart 3 hours at $6 Wood Paint Direct labor per hour Manufacturing overhead is applied at a rate of $4 per direct labor hour. Given this information, the manufacturing overhead cost per toy would be: a. $6 b. $9 $30 d. $12 2. Manufacturing costs are also considered: Product costs b. Fixed costs C. Selling costs d Period costs C. a. 3. LeMinton Company expects the following credit sales for the first five months of the year: January, $25,000: February, $40,000; March, $30,000, April, $36,000, May $40,000. Experience has shown that payment for the credit sales is received as follows: 60% in the month of sale, 25% in the first month after sale, 12% in the second month after sale, and the remainder is uncollectible. How much cash can LeMinton Company expect to collect in March as a result of credit sales? a. $30,000 b. $28,600 $18,000 d. $31,000 C