The cost of goods sold percentage is 65% and the desired ending inventory level is25% of next month's sales.Required:Prepare a purchase budget for July through September.(10 Johny Company is a merchandising company and has the following information:MonthJuneBudgeted Sales$68,00072,000July74,000August76,000September78,000October

Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Answered: Johny Company is a merchandising…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
Assume the following information for a merchandising company: Number of units sold 20,000Selling price per unit $ 30Variable selling expense per unit $ 3.6Variable administrative expense per unit $ 2.6Fixed administrative expenses $ 50,000Beginning merchandise inventory $ 24,000Ending merchandise inventory $ 19,000Merchandise purchases $ 340,000 What is the contribution margin?
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Help Save & Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of $18,945, cost of goods sold of $399,95O, and $289,650 in operating expenses. Gross profit equals: Multiple Choice $810,425. $120,825. $410,475. S423105 5:00 PM nere to search 96% 3/1/202
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Novak Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 440 @ $7.50 April 5 640 4 740 @ 7.70 12 540 11 640 @ 8.00 27 1,480 18 540 @ 8.00 28 150 26 940 @ 8.40 30 540 @ 8.70 (a1) Your Answer Correct Answer Correct answer iconYour answer is correct. Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit $ eTextbook and Media Solution Attempts: 3 of 3 used (a2) Your Answer Correct Answer (Used) Partially correct answer iconYour answer is partially correct. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1)…
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Johny Company is a merchandising company and has the following information: Month June July August September October Budgeted Sales $68,000 72,000 74,000 76,000 78,000