Griffith Company has budgeted purchases of inventory forDecember of $105,000. Expected beginning inventory onDecember 1 and ending inventory on December 31 are $120,000and $129,000, respectively.If the cost of goods sold averages 75% of sales, what arebudgeted sales for December?A. $114,000B. $152,000C. $120,000D. $128,000

Compute the cost of goods sold first.Inventory, Jan 1 120,000.00 Budgeted purchases 105,000.00…

Answered: Griffith Company has budgeted purchases…

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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Urmila Ben
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The following information applies to questions 25 and 26 The sales budget for Fred Limited contains the following information: October November December Units 300 550 700 $ (thousands) 75,000 165,000 210,000 Sales are all on credit, with 30% collected in the month of sale and 70% in the following month. Finished goods inventory at the end of each month should be 58% of the following month's sales requirements. Prepare a finished goods inventory budget and use it to answer Following Calculate the closing finished goods inventory, in units, for October. Calculate the required production, in units, for October.
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COVID19Co. has forecast purchases on account to be $316.000 in March. $377.000 in April. $429.00o in May, and $491.000 in June. Sixty percent of purchase paid for in the month of purchase, the remaining 40% are paid in the following month. What is the budgeted Accounts Payable balance for April 30?

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