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Seneca College *

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440

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Accounting

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Nov 24, 2024

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2

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11/25/23, 12:40 AM Chapter 6 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4696309&cmid=1260621&page=2 1/2 English (en) English (en) Français - Canada (fr_ca) Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 6 - Budgeting / Chapter 6 Quiz Question 3 Correct Mark 1.00 out of 1.00 Hocus Cafe has a beginning wine inventory balance of $5,000. For the next month, the company has predicted that it will sell $9,000 worth of wine. It has also budgeted wine inventory at the end of the month should be $2,000. What is the budgeted amount of wine purchases for the month? Select one: a. $2,000 b. $12,000 c. $9,000 d. $6,000 Your answer is correct. Explanation: Purchases of inventory = Inventory to be sold + Budgeted Ending inventory Beginning inventory Purchases of Inventory = $9,000 + $2,000 - $5,000 = $6,000 The correct answer is: $6,000
11/25/23, 12:40 AM Chapter 6 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4696309&cmid=1260621&page=2 2/2 Français (fr)
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