Shamrock Shades purchases sunglasses from bulk discounters and sells the sunglasses in mall kiosks throughout the PacificNorthwest. Shamrock is in the process of budgeting for the coming year and has projected sales of $360,000 for January, $440,000for February, $600,000 for March, and $640,000 for April. Shamrock's desired ending inventory is 55 percent of the following month'scost of goods sold. Cost of goods sold is expected to be 45 percent of sales.Required:Compute the required purchases for each month of the first quarter (January through March).JanuaryRequired PurchasesFebruaryMarch

January $ 162,000February $ 187,200March $ 243,000Explanation:Budgeting is an integral…

Answered: Shamrock Shades purchases sunglasses…

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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Austen Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Austen anticipates selling 222,000 jars with total sales revenue of $267,000 in the first quarter of the year following the year given in the preceding table. Austen has a policy that the ending inventory of jars must be 30% of the following quarter's sales. Total sales Number of jars revenue sold Requirement Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in 1st quarter.... $ 185,000 152,500 total. 2nd quarter $ 211,000 180,500 3rd quarter 2$ 257,000 210,000 4th quarter $ 193,000 160,000 ..... Prepare the production budget by first calculating the total units needed, then calculate the units to produce. Austen Foods Production Budget For the Quarters in the Upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Unit sales Plus: Desired ending inventory Total needed Less:…
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Jason Bradley is looking at a lawnmower priced at $279.95, which is 40% off the original price. What was the original price of the lawnmower? Round to the nearest cent
At January 1, 2022, Oriole Company has beginning inventory of 3000 surfboards. Oriole estimates it will sell 11000 units during the first quarter of 2022 with a 10% increase in sales each for the following quarters. Oriole's policy is to maintain an ending finished goods inventory equal to 25% of the next quarter's sales. Each surfboard costs $100 and is sold for $155. What is the budgeted sales revenue for the third quarter of 2022 $2247500 $2063050 $13310 5542500
Bahjat Oman Company produces and sells scientific calculators. The budgeted selling price per unit is $15. Budgeted unit sales in the first half of the year 2021 is as follows: January 18,000 units, February 14,000, March 28,000, April 42,000, May 35,000 and June 32,000 units. The company's credit policy is to collect 25% of the total sales in the month of sale, and 60% in the month following the sale, and the remaining in the second month following sale. The expected total cash collections in dollars in April is closest to: O a. $271,500 O b. $529,500 Oc. None of the given answers O d. $441,000 O e. $572,250 Whichafthafellowin anto felec? 直。 Ps hp SU prt sc delete home er f12 num E backspace lock 96 9.
Perez Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Perez has budgeted sales as indicated in the following table. The company expects a 12 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Perez will report on its first quarter pro forma income statement. Complete this question by entering your answers in the tabs below. Required A Required B Complete the sales budget by filling in the missing amounts. (Round intermediate calculations and final answers to 2 decimal places.) Sales January February March $ 46,000 116,000 Cash sales Sales on account Total budgeted sales $ 162,000
Bahjat Oman Company produces and sells scientific calculators. The budgeted selling price per unit is $15. Budgeted unit sales in the first half of the year 2021 is as follows: January 18,000 units, February 14,000, March 28,000, April 42,000, May 35,000 and June 32,000 units. The company's credit policy is to collect 25% of the total sales in the month of sale, and 60% in the month following the sale, and the remaining in the second month following sale. The expected total cash collections in dollars in March is closest to: O a. $271,500 Ob. None of the given answers O c. $572,250 O d. $529,500 O e. $441,000 re to search W 11:38 A D4 x ENG 22-05-2021 brt se delete home end og up 4 6. + backspace num 1ock 8 A 91 home dn 6a G K enter 5 0 pause レ t shift SS 11 end alt ctri ins
Company A is a wholesale distributor of masks. Company is preparing the budget for April. Sales are budgeted at € 60,000 for April. 30% of these sales will be for cash, reminder will be credit sales. 50% of a month's sales on credit are collected in the month the sales are made, the remainder is collected in the following month. All of the March 31 accounts receivable will be collected in April. Purchases of inventory are expected to total € 40,000 during April. These purchases will all be on account. 40% of all purchases are paid for in the month of purchase, the remainder are paid for in the following month. All of the March 31 accounts payable to suppliers will be paid during April. The balance sheet of March 31 is provided in the table. Assets: Cash 3000 Accounts receivable Inventory Balance value of equipment Total assets Liabilities and Equity: Accounts payable Other amounts payable Share capital Retained earnings Total liabilities and equity 18000 10000 69000 100000 21000 5000…
Bahjat Oman Company produces and sells scientific calculators. The budgeted selling price per unit is $15. Budgeted unit sales in the first half of the year 2021 is as follows: January 18.000 units, February 14,000, March 28,000, April 42,000, May 35,000 and June 32,000 units. The company's credit policy is to collect 25% of the total sales in the month of sale, and 60 % in the month following the sale, and the remaining in the second month following sale. The expected total cash collections in dollars in June is closest to: O a. $271,500 Ob. None of the given answers Oc. $529,500 O d. $441,000 Oe. $572,250 NEXT PAGE OUS PAGE

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