Show Transcribed TextPurchases and Cost of Goods SNew Monthe Ended September 30, 2524Show Transcribed TextData tableQuarter EndedMarch 11Cash sales, 40%Credit sales, 60%Total salesScanna inc sestre rim ts sales budget for the nine monded September 30, 2024 and additional information follow(Chen to view the budget)Click the ken to vie additional information)Prepare an invertory purchases and cost of goods sold bodger for each of the Ind free quarters of the year Compute cost of goods sold for the entire nine-menth period-CID-and of$Data tableSdht rulery year, all of pried the pentinspephone નીMore infotheMarch 31ĆData tablete pe of gode d has beet 40% ofmakan Grancial vice president agree that each andThe ofy should not be below 36.000 u 12% of of goods sold for theTheses of $225.000 during the50,000 $75,000125,000 $CredTotal saleMarch 21105,000175.000 S175.000Quarter EndedJune 30 September 3070,000 SPintQuarter EndedJune 30 September 3070.000105,000175.00060,000 $90,000150,000 $Done90000160 000270.000Nine-MonthTotal180,000270,000450,000 Plus:Show Transcribed TextLessMore infoIn 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 $35,000 plus 10% of cost of goods sold for thefollowing quarter. The marketing director expects sales of $225,000 during thefourth quarter. The January 1 inventory was $20,000.Less:Show Transcribed TextPrintShow Transcribed TextScannell, Inc.Inventory, Purchases, and Cost of Goods Sold BudgetNine Months Ended September 30, 2024YQuarter EndedMarch 31Scannell, Inc.Inventory, Purchases, and Cost of Goods Sold BudgetNine Months Ended September 30, 2024Quarter EndedMarch 31Beginning merchandise inventoryBudgeted PurchasesCost of goods soldDesired ending merchandise inventoryTotal merchandise inventory requiredDoneĴScannell, Inc.

Purchase budget :— This budget is prepared to estimate the value of purchases made for desired cost…

More info 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 $35,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $225,000 during the fourth quarter. The January 1 inventory was $20,000. Print Done

More info 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 $35,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $225,000 during the fourth quarter. The January 1 inventory was $20,000. 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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Labor costs per hour and the other costs are not expected to change during the year. However, the cotton cost per yard will increase by 20% at the start of the coming budget period. The current inventory of blue rugs is 60,000 units and management would like to see an increase of inventory to 105,000 units. Production will occur evenly throughout the year. Inventory levels for c aining Time: 2 hours, 49 minutes, 34 seconds. stion Completion Status: 2 3. 4 5. 17 8. 6. 10 11 12 13 14 15 16 17 18 19 20 21 Xander Manufacturing Company manufactures blue rugs. The company needs to prepare a budget for the coming year. The following costs and other data apply to rug production: Direct materials per rug 1.0 yard cotton at $3 per yard 0.2 yards canvas finish at $10 per yard Direct labor per rug: 0.5 hour at S16 per hour Overhead per rug Indirect labor Indirect materials per $0.5 0.15 Power 0.3 Machine costs 1.25 Lease costs 0.8 Total overhead per unit $3.0 Bixed costs include the machine costs…
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keep costs down, CGC maintains a warehouse but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $180,000, $150,000, $270,000, and $50,000, respectively. 2. Cost of goods sold is 45 percent of expected sales. 3. CGC's desired ending inventory is 55 percent of the following month's cost of goods sold. 4. Monthly operating expenses are estimated to be: . Salaries: $33,000. ° Delivery expense: 8 percent of monthly sales. • Rent expense on the warehouse: $2,500. • Utilities: $500. • Insurance: $330. • Other expenses: $430. Required: 1. Compute the budgeted cost of purchases for each month in the second quarter. 2. Complete the budgeted income statement for each month in the second quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the budgeted cost of purchases for each month in the second quarter. Total Cost of…
Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May June July August $ 42,000 48,000 37,000 46,000 54,000 56,000 Sales in January and February were $45,000 and $44,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales Collections: In month of sale One month after sale Watt's Lighting Stores Cash Receipts Schedule January February March April May June July August Two months after sale $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total cash receipts
Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 12,000 June $ 14,000 April 16,000 July 17,000 May 10,000 August 18,000 Sales in January and February were $13, 500 and $13,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Ed's Waterbeds Cash Receipts Schedule January February March April May June July August Sales $ $ $ $ $ $ $ $ Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ $ $ $ $$b. Of the sales expected to be made during the six months from March to August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? Amount…
FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. Type of Box Direct material required per 100 boxes: Paperboard ($0.30 per pound) Corrugating medium ($0.15 per pound). Direct labor required per 100 boxes ($18.00 per hour). Indirect material Indirect labor Utilities Property taxes Insurance Depreciation. Total C $12,150 95,850 31,500 21,000 16,000. 33,500 $210,000 Total 40 pounds 30 pounds 0.25 hour The following production-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 400,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel. Advertising $115,500 23,500…
Narai Co. has a desired ending inventory of 30% of the next months forecasted sales. In turn, their cost of goods sold is 60%, and their forecasted sales for the months of March, April, May, June, and July are as follows: $750,000, $880,000, $700,000, $800,000, and $900,000 respectively. Purchases for the months of February and March were $500,000 and $360,000 and their purchases are paid as follows: 10% during the month of the purchase 80% in the next month and the final 10% in the next month. Required: Prepare budget schedules for the months of April, May, and June for required purchases and also for disbursements for purchases.
Trailers Company expects to sell 6,500 units for $155 each for a total of $1,007,500 in January and 2,300 units for $200 each for a total of $460,000 in February. The company expécts cost of goods sold to average 50% of sales revenue, and the company expects to sell 5,000 units in March for $200 each. Trailers' target ending inventory is $20,000 plus 50% of the next month's cost of goods sold. Prepare Trailers' inventory, purchases, and cost of goods sold budget for January and February. Trailers Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases 503750 135000 638750 February 230000 520000 750000
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Blossom Specialties, a retailer of West African food products, has completed the following sales forecast for the coming year: January $36,500 July $37,500 February 37,500 August 36,500 March 31,500 September 32,500 April 40,000 October 40,000 May 35,500 November 48,000 June 30,000 December 52,000 Blossom Specialties maintains an ending inventory level of 60 percent of the following month's cost of goods sold. The company's cost of goods sold is 30 percent of sales.