Culinary Enterprises manufactures cookware sets and sells the sets to department stores. Culinary expects to sell 2,600 cookware sets for $210 each in April and 3,300 cookware sets for $225 each in May. Sales are 20% cash and 80% on account. Compute the total budgeted sales for May. OA. $148,500 OB. $594,000 OC. $742,500 OD. $546,000

Culinary Enterprises manufactures cookware sets and sells the sets to department stores. Culinary expects to sell 2,600 cookware sets for $210 each in April and 3,300 cookware sets for $225 each in May. Sales are 20% cash and 80% on account. Compute the total budgeted sales for May. OA. $148,500 OB. $594,000 OC. $742,500 OD. $546,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The BRS Corporation makes collections on sales according to the following schedule: 45% in month of sale 53% in month following sale 2% in second month following sale The following sales have been budgeted: Sales April $220, 000 $150,000 May June $140, 000 Budgeted cash collections in June would be: Multiple Cholce $140,000 $142,500 $146,900 $140,440
Culinary Enterprises manufactures cookware sets and sells the sets to department stores. Culinary expects to sell 3,000 cookware sets for $260.00 each in April and 3,200 cookware sets for $275.00 each in May. Sales are 10% cash and 90% on account. Compute the total budgeted sales for May. O A. $88.000.00 O B. $792,000.00 O C. $880.000.00 O D. $780.000.00
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Budgeting for a Merchandising Firm Goldberg Company is a retail sporting goods store thatuses an accrual accounting system. Facts regarding its operations follow:∙ Sales are budgeted at $250,000 for December and $225,000 for January, terms 1/eom, n/60.∙ Collections are expected to be 50% in the month of sale and 48% in the month following the sale.Two percent of sales are expected to be uncollectible and recorded in an allowance account at theend of the month of sale. Bad debts expense is included as part of operating expenses.∙ Gross margin is 30% of gross sales.∙ All accounts receivable are from credit sales. Bad debts are written off against the allowanceaccount at the end of the month following the month of sale.∙ Goldberg desires to have 80% of the merchandise for the following month’s sales on hand at the endof each month. Payment for merchandise is made in the month following the month of purchase.∙ Other monthly operating expenses to be paid in cash total $25,000.∙ Annual…
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