he company, a wholesaler, budgeted sales for the indicated months June Sales on account P1,800,000 Cash sales 240.000 Total sales P2,010,000 July Sales on account P1,920,000 Cash sales 250.000 Total sales P2,170,000 August Sales on account P2,010,000 Cash sales 260.000 Total sales P2,300,000 All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. The cost of goods sold for the month of June is anticipated to be a. P1,632,000 b. P1,836,000 c. P1,428,000 d. P1,530,000 2. merchandise purchases for July are anticipated to be a. P1,926,600 b. P1.658,700 c. P1,767,200 d. P1,736,000

he company, a wholesaler, budgeted sales for the indicated months June Sales on account P1,800,000 Cash sales 240.000 Total sales P2,010,000 July Sales on account P1,920,000 Cash sales 250.000 Total sales P2,170,000 August Sales on account P2,010,000 Cash sales 260.000 Total sales P2,300,000 All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. The cost of goods sold for the month of June is anticipated to be a. P1,632,000 b. P1,836,000 c. P1,428,000 d. P1,530,000 2. merchandise purchases for July are anticipated to be a. P1,926,600 b. P1.658,700 c. P1,767,200 d. P1,736,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10PB: All Temps has a policy of always paying within the discount period, and each of its suppliers...

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Question

The company, a wholesaler, budgeted sales for the indicated months
June

Sales on account P1,800,000

Cash sales 240.000

Total sales P2,010,000

July

Sales on account P1,920,000

Cash sales 250.000

Total sales P2,170,000

August

Sales on account P2,010,000
Cash sales 260.000
Total sales P2,300,000

All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories
at the beginning of each month are at 30% of that month's projected cost of goods sold.
The cost of goods sold for the month of June is anticipated to be
a. P1,632,000
b. P1,836,000
c. P1,428,000
d. P1,530,000

2. merchandise purchases for July are anticipated to be
a. P1,926,600
b. P1.658,700
c. P1,767,200

d. P1,736,000

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