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Cash sales, 20%....... Credits sales, 80% Total sales, 100% ***** $ More info 26,000 $ 104,000 130,000 $ Swenson Electronics Jun 30 36,000 $ 144,000 180,000 $ Sep 30 31,000 $ 124,000 155,000 $ Total 93,000 372,000 465,000 In the past, cost of goods sold has been 65% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $10,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $26,900. - X

Cash sales, 20%....... Credits sales, 80% Total sales, 100% ***** $ More info 26,000 $ 104,000 130,000 $ Swenson Electronics Jun 30 36,000 $ 144,000 180,000 $ Sep 30 31,000 $ 124,000 155,000 $ Total 93,000 372,000 465,000 In the past, cost of goods sold has been 65% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $10,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $26,900. - X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Swenson Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: (Click the icon to view additional information) (Click the icon to view the budget) Requirement Prepare a cost of goods sold, inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to the nearest whole dollar) Swenson Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases $ Mar 31 84,500 $ Jun 30 117,000 $ Nine-Month Total Sep 30 100.750 S 302,250
Transcribed Image Text:Swenson Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: (Click the icon to view additional information) (Click the icon to view the budget) Requirement Prepare a cost of goods sold, inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to the nearest whole dollar) Swenson Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases $ Mar 31 84,500 $ Jun 30 117,000 $ Nine-Month Total Sep 30 100.750 S 302,250
ods sol red endi ntory rec inning in sold ending y requir ng inver Data table Swenson Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Cash sales, 20%..... Credits sales, 80% Total sales, 100% $ More info $ Mar 31 26,000 $ 104,000 130,000 $ Swenson Electronics Jun 30 36,000 $ 144,000 180,000 $ Sep 30 31,000 $ 124,000 155,000 $ Nine-Month Total 93,000 372,000 465,000 - X - In the past, cost of goods sold has been 65% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $10,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $26,900. - X
Transcribed Image Text:ods sol red endi ntory rec inning in sold ending y requir ng inver Data table Swenson Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Cash sales, 20%..... Credits sales, 80% Total sales, 100% $ More info $ Mar 31 26,000 $ 104,000 130,000 $ Swenson Electronics Jun 30 36,000 $ 144,000 180,000 $ Sep 30 31,000 $ 124,000 155,000 $ Nine-Month Total 93,000 372,000 465,000 - X - In the past, cost of goods sold has been 65% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $10,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $26,900. - X
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