QUESTION 36 Pasta Disasta, Inc. is preparing its master budget for its first quarter of business. It expects to sell 8,000 pizzas per month. It will purchase enough pizzas so that 100 pizzas are in inventory at all times by purchasing 8,100 pizzas in the first month and 8,000 pizzas in the second and third months. The pizza is expected to cost $5 per pizza. It expects to pay 70% in the month of purchase and the remainder in the following month. Calculate the amount of cash paid for inventory for its first quarter. Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro

QUESTION 36 Pasta Disasta, Inc. is preparing its master budget for its first quarter of business. It expects to sell 8,000 pizzas per month. It will purchase enough pizzas so that 100 pizzas are in inventory at all times by purchasing 8,100 pizzas in the first month and 8,000 pizzas in the second and third months. The pizza is expected to cost $5 per pizza. It expects to pay 70% in the month of purchase and the remainder in the following month. Calculate the amount of cash paid for inventory for its first quarter. Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro

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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A company’s over absorbed overhead for a period is £4,000. The budgeted hours for the period was 40,000hours and the budgeted overhead cost for the same period had been £160,000. If the actual hours worked are 45,000hours, showing your workings, calculate the actual overhead cost incurred.
Question 1 Jupiter Inc. is a wholesale distributor of Apple laptop bags. Thus, peak sales occur in May of each year as shown in the company's sales budget for the second quarter, given below: April May Budgeted Sales (All on account) $ 87,000 $86,000 June $92,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. February sales totaled $85,000, and March sales totaled $88,000. Required: Prepare a schedule of expected cash collections from sales for each month (April, May, and June) and the quarter total.
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2- Give two examples of two financial ratios that will be affected by this technique (SPE). Explain your answer.
QUESTION 9 Garfield Corp. expects to sell 1040 units of its pet beds in March and 1960 units in April. Each unit sells for $78. Garfield's ending inventory policy is 20 percent of the following month's sales. Garfield pays its supplier $22 per unit. What is Garfield's budgeted purchases for March? AZ
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11 Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $210,000 for November, $190,000 for December, and $180,000 for January Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 55% of sales. The company would like to maintain ending merchandise inventories equal to 45% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. • Other monthly expenses to be paid in cash are $22,700. Monthly depreciation is $13,700. Ignore taxes. Assets Cash Balance Sheet October 31 Accounts receivable. Merchandise inventory. Property, plant and equipment, net of $574,500 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings. Total liabilities and stockholders' equity $ 22,500 72,500 51,975 1,096, 500 $ 1,243,475 $ 256,500. 822,500…
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