None es1. Expected monthly sales for April, May, June, and July are $290,000, $260,000, $380,000, and $160,000, respectively.2. Cost of goods sold is 40 percent of expected sales.3. CGC's desired ending inventory is 30 percent of the following month's cost of goods sold.4. Monthly operating expenses are estimated to be:o Salaries: $37,000.• Delivery expense: 6 percent of monthly sales.Rent expense on the warehouse: $8,000.• Utilities: $1,600.o Insurance: $180.o Other expenses: $280.Required:1. Compute the budgeted cost of purchases for each month in the second quarter.2. Complete the budgeted income statement for each month in the second quarter.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the budgeted cost of purchases for each month in the second quarter.AprilMayJuneTotal Cost of Budgeted Purchases< Required 1Required 2 >

Budgeted Cost of Purchases:An estimated amount that would be used in purchasing or acquiring goods…

es 1. Expected monthly sales for April, May, June, and July are $290,000, 2. Cost of goods sold is 40 percent of expected sales. 3. CGC's desired ending inventory is 30 percent of the following month 4. Monthly operating expenses are estimated to be: o Salaries: $37,000. • Delivery expense: 6 percent of monthly sales. • Rent expense on the warehouse: $8,000. • Utilities: $1,600. o Insurance: $180. • Other expenses: $280. Required: 1. Compute the budgeted cost of purchases for each month in the sec 2. Complete the budgeted income statement for each month in the sec Complete this question by entering your answers in the tabs belc

es 1. Expected monthly sales for April, May, June, and July are $290,000, 2. Cost of goods sold is 40 percent of expected sales. 3. CGC's desired ending inventory is 30 percent of the following month 4. Monthly operating expenses are estimated to be: o Salaries: $37,000. • Delivery expense: 6 percent of monthly sales. • Rent expense on the warehouse: $8,000. • Utilities: $1,600. o Insurance: $180. • Other expenses: $280. Required: 1. Compute the budgeted cost of purchases for each month in the sec 2. Complete the budgeted income statement for each month in the sec Complete this question by entering your answers in the tabs belc

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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