EM5-31 (similar to)Jezaret, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow.E(Click the icon to view the budget.)i (Click the icon to view additional information.)Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period.Jezaret, Inc.Inventory, Purchases, and Cost of Goods Sold BudgetNine Months Ended September 30, 2024Quarter EndedMarch 31i Data TablePlus:Less:Quarter EndedNine-MonthMarch 31June 30September 30TotalCash sales, 30%39,000 $54,000 $46,500 S139,50091,000126,000108,500325,500Credit sales, 70%i More Info130,000 $180,000 $465.000155,000 STotal salesPrintDoneIn the past, cost of goods sold has been 40% of total sales. The director ofmarketing and the financial vice president agree that each quarter's endinginventory should not be below $30,000 plus 10% of cost of goods sold for thefollowing quarter. The marketing director expects sales of $230,000 during thefourth quarter. The January 1 inventory was $36,000.PrintDoneChoose from any list or enter any number in the input fields and then click Check Answer.3 partsremainingClear All

Jezaret, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget.) O (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Jezaret, Inc. Inventory, Purchasos, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 O Data Table Plus: Less: Quarter Ended Nine-Month March 31 June 30 September 30 Total 46,500 S 108,500 Cash sales, 30% 39,000 $ 54,000 $ 139,500 91,000 126,000 325,500 Credit sales, 70% O More Info 130,000 $ 180,000 $ 155,000 S 465,000 Total sales Print Done In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $30,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $230,000 during the fourth quarter. The January 1 inventory was $36,000. Print Done

Jezaret, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget.) O (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Jezaret, Inc. Inventory, Purchasos, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 O Data Table Plus: Less: Quarter Ended Nine-Month March 31 June 30 September 30 Total 46,500 S 108,500 Cash sales, 30% 39,000 $ 54,000 $ 139,500 91,000 126,000 325,500 Credit sales, 70% O More Info 130,000 $ 180,000 $ 155,000 S 465,000 Total sales Print Done In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $30,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $230,000 during the fourth quarter. The January 1 inventory was $36,000. Print Done

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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Scannell, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget.) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Plus: Less: More info Scannell, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $15,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $200,000 during the fourth quarter. The January 1 inv ory was $19,000. Print Done X Data table Cash sales, 30% Credit sales, 70% Total sales $ $ Quarter Ended June 30…
Magnify Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the operating (nonmanufacturing) costs budget (label it Schedule 8) and (3) the operating income budget for the year ending December 31, 2020. (1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2020. Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, 2020 Beginning finished goods inventory, January 1, 2020 Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory, December 31, 2020 Cost of goods sold Business Function 356,000 72,200 146,400 Marketing Distribution Administration costs (2). Calculate the operating (nonmanufacturing) costs budget…
Pelican Merchandising & More is a family-owned store. The business is now approaching the end of the year and is in the process of identifying its cash needs for the first quarter of the new year. You are the management accountant of the entity and have been tasked to prepare the cash budget for the business for the quarter ending March 31, 2022. (i) Extracts from the sales and purchases budgets are as follows:Month2021 - 2022CashSalesSalesOn AccountCashPurchasesPurchasesOnAccountNovember 2021 $138,100 $480,000 $345,000December 2021 $156,500 $600,000 $25,800 $380,000January 2022 $170,975 $650,000 $44,625 $400,000February 2022 $135,740 $700,000 $30,400 $480,000March 2022 $226,420 $800,000 $55,100 $540,00 A schedule of expected cash disbursements for accounts payable (purchases on account) for each of the months January to March.
Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances below. Cash payments on accounts payable during each month are expected to be June, $1,450,000; July, $1,300,000; and August, $1,300,000. Hint: Use the relation (Beg. Accounts Payable + Purchases on Credit - Payments on Accounts Payable = End. Accounts Payable) to solve for budgeted purchases. Accounts payable May 31 June 30 $ 130,000 $ 110,000 Ending accounts payable Add: Cash paid on accounts payable Total accounts payable Less: Beginning accounts payable Budgeted merchandise purchases Computing budgeted merchandise purchases from accounts payable Budgeted amounts: $ June July 31 $ 400,000 0 0 $ July 0 August 31 $ 170,000 0 $ August 0 0
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney’s policy is to maintain an ending inventory balance equal to 15 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $82,000. Required Complete the inventory purchases budget by filling in the missing amounts. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.
G & J Merchandising & More is a family-owned auto-parts store. You are the managementaccountant of the concern and have been given the task of preparing the cash budget for thebusiness for the quarter ending March 31, 2021. Your data collection has yielded the following: (i) Extracts from the sales and purchases budgets are as follows: Month Novemer 2020- March 2021 Cash Sales Sales on Account Purchases November $151,100 $480,000 $390,000 December $145,500 $600,000 $360,000 January $159,025 $700,000 $505,000 February $169,350 $650,000 $400,000 March $176,200 $800,000 $518,000 (ii) An analysis of the records shows that trade receivables (accounts receivable) are settledaccording to the following credit pattern, in accordance with the credit terms 2/30, n90:45% in the month of sale30% in the first month following the sale25% in the second month following the sale (iii) Expected purchases include cash purchases of $25,000 in January and $18,000 in March.All…
Based on the preceding projections and budget requirements for Thingone and Thingtwo, prepare the following budgets for 2017: *Direct material purchases budget (in dollars)
On the basis of the projected proceeding data and projections prepare the following for Year ended ended 31 December 2020: 1. Sales budget.2. Production budget.3. Labour cost budget.
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Please help me with show all calculation thanku
Pelican Merchandising & More is a family-owned store. The business is now approaching the end of the year and is in the process of identifying its cash needs for the first quarter of the new year. You are the management accountant of the entity and have been tasked to prepare the cash budget for the business for the quarter ending March 31, 2022. (i) Extracts from the sales and purchases budgets are as follows:Month2021 - 2022CashSalesSalesOn AccountCashPurchasesPurchasesOnAccountNovember 2021 $138,100 $480,000 $345,000December 2021 $156,500 $600,000 $25,800 $380,000January 2022 $170,975 $650,000 $44,625 $400,000February 2022 $135,740 $700,000 $30,400 $480,000March 2022 $226,420 $800,000 $55,100 $540,00 Another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter ending March 31, 2022 and has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement. Is that a reasonable…
Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 540 sun shades in May and 310 in June. Each shade sells for $156. Shadee's beginning and ending finished goods inventories for May are 65 and 55 shades, respectively. Ending finished goods inventory for June will be 50 shades. Required: 1. Prepare Shadee's sales budget for May and June. 2. Prepare Shadee's production budget for May and June. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1equired 2 Prepare Shadee's sales budget for May and June. May June Budgeted Total Sales $ 54,210 x $ 48,360 Required 1 Required 2 >