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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What is the inventory system called that discloses the amount of inventory on hand ONLY at the end of the accounting period when a physical count is taken? Group of answer choices retail physical periodic perpetual
On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the weightedaverage periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determineda. As of January 1, 2010.b. As of August 31, 2010. c. During the eight months ending August 31, 2010, by a weighted-average of the purchases.d. During 2010 by a weighted-average of the purchases.