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Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for the nine-month period

Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for the nine-month period

FINANCIAL ACCOUNTING
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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Finish the budget
Cash sales, 20% Credit sales, 80% Total sales Slate, Inc. Sales Budget Nine Months Ended September 30, 2024 Quarter Ended June 30 September 30 38,000 $ March 31 $ $ 28,000 $ 112,000 140,000 $ Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases 152,000 190,000 $ Slate, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended Quarter Ended March 31 June 30 $56.000 $12,600 33,000 $ $68,600 $38,000 $30,600 132,000 165,000 $ $76,000 $11,600 $87,600 $12,600 $75,000 Nine-Month Total 99,000 396,000 495,000 Quarter Ended September 30 $66,000 $14,600 $80,600 $11,600 $69,000 Nine-Month Total $198,000
Transcribed Image Text:Cash sales, 20% Credit sales, 80% Total sales Slate, Inc. Sales Budget Nine Months Ended September 30, 2024 Quarter Ended June 30 September 30 38,000 $ March 31 $ $ 28,000 $ 112,000 140,000 $ Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases 152,000 190,000 $ Slate, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended Quarter Ended March 31 June 30 $56.000 $12,600 33,000 $ $68,600 $38,000 $30,600 132,000 165,000 $ $76,000 $11,600 $87,600 $12,600 $75,000 Nine-Month Total 99,000 396,000 495,000 Quarter Ended September 30 $66,000 $14,600 $80,600 $11,600 $69,000 Nine-Month Total $198,000
Slate, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2024, follow: (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget) Variable expenses: Commissions Expense Miscellaneous Expenses Total variable expenses Fixed expenses: Rent Expense Salaries Expense Slate, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2024 Depreciation Expense Total fixed expenses Total selling and administrative expenses $ $ Quarter Ended March 31 7,000 $ 2,800 9,800 $ 2000 4000 1000 7000 16800 Quarter Ended June 30 Quarter Ended September 30 9,500 $ 3,800 13,300 $ 2000 4000 1000 7000 20300 8,250 $ 3,300 11,550 $ 2000 4000 1000 7000 18550 C Nine-month Total 24,750 9,900 34,650 6000 12000 3000 21000 55650 Slate's selling and administrative expenses include the following: (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for the nine-month period. Data table Rent, $2,000 per month Salaries, $4,000 per month Commissions, 5% of sales Depreciation, $1,000 per month Miscellaneous expenses, 2% of sales Print Done - X
Transcribed Image Text:Slate, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2024, follow: (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget) Variable expenses: Commissions Expense Miscellaneous Expenses Total variable expenses Fixed expenses: Rent Expense Salaries Expense Slate, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2024 Depreciation Expense Total fixed expenses Total selling and administrative expenses $ $ Quarter Ended March 31 7,000 $ 2,800 9,800 $ 2000 4000 1000 7000 16800 Quarter Ended June 30 Quarter Ended September 30 9,500 $ 3,800 13,300 $ 2000 4000 1000 7000 20300 8,250 $ 3,300 11,550 $ 2000 4000 1000 7000 18550 C Nine-month Total 24,750 9,900 34,650 6000 12000 3000 21000 55650 Slate's selling and administrative expenses include the following: (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for the nine-month period. Data table Rent, $2,000 per month Salaries, $4,000 per month Commissions, 5% of sales Depreciation, $1,000 per month Miscellaneous expenses, 2% of sales Print Done - X
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