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Fur Family Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows:

May	$600,000
June	900,000
July	1,100,000

All sales are on account. Of sales on account, 60% are expected to be collected in the month of the sale, 30% in the first month following the sale, and the remainder in the second month following the sale.

Prepare a schedule indicating cash collections from sales for May, June, and July.

FUR FAMILY INC.
Schedule of Collections from Sales
For the Three Months Ending July 31
	May	June	July
May sales on account:
Collected in May	fill in the blank 1
Collected in June		fill in the blank 2
Collected in July			fill in the blank 3
June sales on account:
Collected in June		fill in the blank 4
Collected in July			fill in the blank 5
July sales on account:
Collected in July			fill in the blank 6
Total cash collected	$fill in the blank 7	$fill in the blank 8	$fill in the blank 9

The following data relate to the direct materials cost for the production of 20,000 automobile tires:

Actual:	80,000 lbs. at $2.65	$212,000
Standard:	86,000 lbs. at $2.50	$215,000

a. Determine the price variance, quantity variance, and total direct materials cost variance. Enter favorable variances as negative numbers. Enter unfavorable variances as positive numbers.

Price variance	$fill in the blank 1	Unfavorable Variance
Quantity variance	fill in the blank 3	Favorable Variance
Total direct materials cost variance	$fill in the blank 5	Favorable Variance

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