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Question 38 The controller of Harrington Company estimates sales and production for the first four months of 2020 as follows:
Question 38
The controller of Harrington Company estimates sales and production for the first four months of 2020 as follows:JanuaryFebruaryMarchAprilSales$31,700$42,000$52,500$26,100Production in units1,1001,4001,9002,500
Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of the sale. In the month after the sale, 40% of credit sales are collected. It takes 4 kg of direct materials to produce a finished unit, and direct materials cost $5 per kg. All direct materials purchases are on account, and are paid as follows: 40% in the month of the purchase and 60% the following month. Ending direct materials inventory for each month is 40% of the next month's production needs.
January's beginning materials inventory is 1,020 kg. Suppose that both accounts receivable and accounts payable are zero at the beginning of January.
(a)
Your answer is correct.What are the total cash sales for the January-March quarter?Total cash sales50480$
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(b)
Your answer is correct.What is the accounts receivable balance at the end of March?Accounts receivable balance12600$
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(c)
Your answer is correct.What is the direct materials inventory balance at the end of March?Direct materials inventory balance4000
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(d)
Your answer is correct.What are the materials purchases costs for February?Material purchases for February32000$
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(e)
What are cash payments on account for February?Cash payments on account29660$
(f)
What is the ending balance in accounts payable for March?
Ending balance in accounts payable
just letter f please, thank you!
