Cost account solution Expected sales for the first two months of 2014 for the HarvardCorporation are as follow:January sales180,000 unitsFebruary sales1,175,000 unitsThe inventory at the beginning of January was 38,000 units. Therequired ending inventory is 25% of the following month's sales.What is the required ending inventory for January?a. 38,000 unitsb. 45,000 unitsc. 43,750 unitsd. 60,000 units

Problem:The Harvard Corporation needs to calculate the required ending inventory for January based…

Answered: Expected sales for the first two months…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,...

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Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
Purchases for February will ??
ABC Company forecasts sales in units for January to May as follows: Jan Feb Mar Apr May Units 2,000 2,200 2,500 2,800 3,000 Moreover, ABC Company would like to maintain 100 units in its ending inventory at the end of eachmonth Beginning inventory at the start of January amounts to 50units. How many units should ABC Company produce in order to fulfill the expected sales of the company?
Production and sales estimates for May for the Finneaty Co. are as follows: Estimated inventory (units), March 1 17,500 Desired inventory (unit), March 31 19,300 Expected sales volume (units): Area W 4,200 Area X 7,000 Area Y 9,000 Unit sales price $15 The number of units expected to be sold in May is:
Lunar Industry maintains ending inventory for each month at 40% of the next month’s sales. The company predicted the following sales for the first four months of the year: January February March April Sales (units) 1,560 1,820 1,950 1,560 How many units should be produced in February? Multiple Choice 1,988 1,092 1,768 2,600 1,872
New Energy Incorporated has a beginning inventory balance on January 1 of 25,000 units and desires an ending balance of 20% of the next month’s sales. If sales are expected to be 28,000 for January and 35,000 for February, what is the ending balance as of January 31?
The following forecasted sales pertain to Micah Company: Month Sales April $200,000 May 250,000 June 150,000 July 100,000 Collection pattern:60% in month of sale40% in month following the sale Accounts receivable as of March 31 $35,000 Finished goods inventory as of March 31 4,000 units The company has a selling price of $10 per unit and expects to maintain ending inventories equal to 20% of the next month's sales. How many units are expected to be produced in April?
Skyland Company wants an ending inventory each month equal to 24% of that month's cost of goods sold. Cost of goods sold for February is projected at $89,000. Ending inventory at the end of January was $30,000. Based on this information, purchases for February would be: a) $59,000 b) $80,360 c) $97,640 d) $67,640
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pos Ibie Furniture, Inc., estimates the following number of mattress sales for the first four months of 2019: Month Sales January February 22,000 39,800 March 28,600 April 44,200 Finished goods inventory at the end of December is 6,900 units. Target ending finished goods inventory is 10% of the next month's sales. How many mattresses should be produced in the first quarter of 2019? A. 92,340 mattresses B. 68,840 mattresses TE O C. 87,920 mattresses 1 a O D. 57,760 mattresses Mi F Ju fir https: Cha The es sales 4 Missing Calculator Next http://mi tho ?3 O O O O
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