Swenson, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget) (Click the icon to view additional information) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period More info Swenson, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 - X In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $8,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $245,000 during the fourth quarter. The January 1 inventory was $35,000 www. Data table Cash sales, 20% Credit sales, 80% Total sales $ $ Quarter Ended June 30 39,000 $ 156,000 195,000 $ March 31 29,000 $ 116,000 145,000 $ September 30 34,000 $ 136,000 170,000 $ Nine-Month Total - 102,000 408,000 510,000

Swenson, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget) (Click the icon to view additional information) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period More info Swenson, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 - X In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $8,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $245,000 during the fourth quarter. The January 1 inventory was $35,000 www. Data table Cash sales, 20% Credit sales, 80% Total sales $ $ Quarter Ended June 30 39,000 $ 156,000 195,000 $ March 31 29,000 $ 116,000 145,000 $ September 30 34,000 $ 136,000 170,000 $ Nine-Month Total - 102,000 408,000 510,000

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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