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Check my work Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] 1.11 points Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Skipped Budgeted sales (all on account) April $350,000 May $550,000 June $190,000 Total $1,090,000 eBook From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $280,000, and March sales totaled $310,000. Hint Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales March sales April sales May sales June sales Total cash collections S o $ 0 $ 0 $ Required 1 Required 2 > Check my work Exercise 8-2 Production Budget [LO8-3] Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the next four months as follows: points Skipped April May June July Unit Sales 80,000 90,000 120,000 95,000 eBook The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of- month inventory levels must equal 10% of the following month's unit sales. The inventory at the end of March was 8,000 units. Hint Required: Prepare a production budget by month and in total, for the second quarter. References Down Under Products, Ltd., Production Budget April May June Quarter Budgeted unit sales Total needs Required production in units

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