The budget committee of Crane Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022. 1. 2 3. 4. Sales for May are expected to be $880,000. Sales in June and July are expected to be 5% higher than the preceding month. Cost of goods sold is expected to be 75% of sales. Company policy is to maintain ending merchandise inventory at 10% of the following month's cost of goods sold. Operating expenses are estimated to be as follows: Sales salaries Advertising Delivery expense Sales commissions Rent expense Depreciation Utilities Insurance $28,000 6% 2 % 5% $5,100 $810 $610 $510 per month of monthly sales of monthly sales of monthly sales per month per month per month per month

The budget committee of Crane Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022. 1. 2 3. 4. Sales for May are expected to be $880,000. Sales in June and July are expected to be 5% higher than the preceding month. Cost of goods sold is expected to be 75% of sales. Company policy is to maintain ending merchandise inventory at 10% of the following month's cost of goods sold. Operating expenses are estimated to be as follows: Sales salaries Advertising Delivery expense Sales commissions Rent expense Depreciation Utilities Insurance $28,000 6% 2 % 5% $5,100 $810 $610 $510 per month of monthly sales of monthly sales of monthly sales per month per month per month per month

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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