The Boswell Corporation forecasts its sales in unit for the next four months:
Â Â Â Â Â Â Sales Forecast
Boswell maintains an ending inventory each month in the amount of one-and-one-half times the expected sales for the following month.Â Â The ending inventory for February (March's beginning inventory) reflects this policy.Â Â Materials cost $5 per unit and are paid the month following production.Â Â Labor cost is $10 per unit and is paid the month of production.Â Â Fixed overhead is $12,000 per month.Â Â Dividends of $20,000 are paid in May.Â Â Five thousand (5,000) units were produced in February.
Produce a production schedule and a summary of cash payments for March, April, and May.Â Â Remember that production in any one month is equal to sales plus the desired inventory minus the beginning inventory for the month
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