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Sheffield Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2022. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance $39,000 Required minimum cash balance 32,500 Payment of income taxes (2nd quarter) 5,200 Professional salaries: 1st quarter 182,000 2nd quarter 182,000 Interest from investments (2nd quarter) 9,100 Overhead costs: 1st quarter 100,100 2nd quarter 130,000 Selling and administrative costs, including $2,600 depreciation: 1st quarter 65,000 2nd quarter 91,000 Purchase of equipment (2nd quarter) 65,000 Sale of equipment (1st quarter) 15,600 Collections from patients: 1st quarter 305,500 2nd quarter 494,000 Interest payments (2nd quarter) 260 Prepare a cash budget for each of the first two quarters of 2022.

2) Culver Company expects to produce 1,392,000 units of Product XX in 2022. Monthly production is expected to range from 92,800 to 139,200 units. Budgeted variable manufacturing costs per unit are direct materials $5, direct labor $6, and overhead $8. Budgeted fixed manufacturing costs per unit for depreciation are $2 and for supervision are $1. In March 2022, the company incurs the following costs in producing 116,000 units: direct materials $603,200, direct labor $691,360, and variable overhead $933,800. Actual fixed costs were equal to budgeted fixed costs. Prepare a flexible budget report for March. (List variable costs before fixed costs.) Were costs controlled?

3)Crane, Inc. produces mens shirts. The following budgeted and actual amounts are for 2022: Cost Budget at 2,740 units Actual Amounts at 3,040 units Direct materials $68,500 $80,250 Direct labor 71,240 77,250 Fixed overhead 40,400 39,100 Prepare a performance report for Crane, Inc. for the year.

4) Cullumber Companys master budget reflects budgeted sales information for the month of June, 2022 as follows: Budgeted Quantity Budgeted Unit Sales Price Product A 45,000 $7 Product B 50,500 $9 During June, the company actually sold 41,500 units of Product A at an average unit selling price of $7.10 and 54,600 units of Product B at an average unit price of $8.90. Prepare a Sales Budget Report for the month of June for Cullumber Company which shows whether the company achieved its planned objectives.

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