Forecast SalesJanFebMarApr$200,000$160,000$180,000$45,000Balance Sheet DataDecember 31,2010Cash$80,000Account receivable:45000500005400027000November salesDecember salesInventoryAccount payable(merchandise)Other data are as follows• Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale• Cost of goods sold is 50% of sales• Other variables costs are 30% of sales paid in the month incurredInventories are to be 80% of next month's budgeted sales requirementsFixed expenses are $15000 per month, all require cashCredit time period for purchases are 30 daysOn basis of above information answer following questionsCalculate estimated closing inventory in the month of February 2011?Note: No need to enter answer with comma

Name: Forecast SalesJanFebMarApr$200,000$160,000$180,000$45,000Balance Shee
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Description: Forecast SalesJanFebMarApr$200,000$160,000$180,000$45,000Balance Sheet DataDecember 31,2010Cash$80,000Account receivable:45000500005400027000November salesDecember salesInventoryAccount payable(merchandise)Other data are as follows• Sales are on cre

Inventory is the part of current asset which is computed based upon the goods left with the…

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Business

Accounting

On basis of above information answer following questions Calculate estimated closing inventory in the month of February 2011? Note: No need to enter answer with comma

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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