Tuscarora, Inc., a merchandising company, has the following budgeted figures:SalesCost of goods soldRequired ending inventoryJan$56,70060% of salesFeb$64,000MarApril$88,000$92,000$10,000 + 30% ofnext month's sales$27,500Inventory on hand on Jan 1Calculate the budgeted purchases for the month of January.OA. $4,820OB. $63,220OC. $35,720OD. $29,200

Step 1:Computation of the budgeted purchases for the month of January: JanuaryA…

Answered: Tuscarora, Inc., a merchandising…

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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Assume a merchandising company provides the following information from its master budget for the month of May: $ 132,000 $ 86,000 $ 26,000 $ 19,800 $ 27,000 Sales Cash paid for merchandise purchases Selling and administrative expenses Accounts payable, May 1st Accounts payable, May 31st If the company maintains no beginning or ending merchandise inventory and makes all of its inventory purchases on account, what is the budgeted net operating income for May? Multiple Choice $39,800 $27,000 $25,600 $12,800
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A company's budgeted sales and cash collections for Quarter 1 are listed below: January February March Cash Sales $93,000 $100,000 $85,000 Collections on credit sales are as follows: Month of sale A month after sale Second month after sale $1,278,000 $335,000 $428,000 $126,500 Credit Sales Answer. (Click to select) www.m (Click to select) None of the answers are correct. ? $260,000 $195,000 v Total Sales The accounts receivable balance on January 1 is $175,000, of which $75,000 represents uncollected December sales and $100,000 represents uncollected November sales astur um al Q. If the total cash collected in March was $320,000, then total January sales must have been: $360,000 $280,000 50% 40% 10%
The Willsey Merchandise Company has budgeted $45,000 in sales for the month of December. The company's cost of goods sold is 30% of sales. If the company has budgeted to purchase $22,000 in merchandise during December, then the budgeted change in inventory levels over the month of December is? A. $8,500 Increase B. 9.500 Decrease C. 16,350 Increase D. 23.000 Decrease
Yoshino, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April $92,000 Sales $56,900 $62,000 $80,000 Cost of goods sold 60% of sales $15,000 + 20% Required ending of next month's inventory Inventory on hand on Jan 1 $30,000 sales Calculate the ending merchandise inventory for the month of March. O A. $63,000 O B. $33,400 OC. $48,000 O D. $31,540
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How do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?
ssume a merchandising company provides the following information from its master budget for the month of May: Sales $ 126,000 Cost of goods sold $ 91,000 Selling and administrative expenses $ 25,000 Accounts receivable, May 1st $ 17,000 Accounts receivable, May 31st $ 36,500 If all of the company’s sales are on account, what is the amount of cash collections from customers included in the cash budget for May?
Sam's Toys budgeted sales of $300,000 for the month of November and cost of goods sold equal to 60% of sales. Beginning inventory for November was $55,000 and ending inventory for November is estimated at $54,000. How much are the budgeted purchases for November? Question 22 options: $179,000 $191,000 $71,000 $181,000
Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cost of goods sold Selling and administrative expenses Accounts receivable, May 1st Accounts receivable, May 31st If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May? Multiple Choice $109,000 $106,000 $129,000 $ 125,000 $ 90,000 $ 24,000 $ 16,000 $ 35,000 $125,000
Xcom is a small retailer that sells phone cases. The following estimates are available for the coming period: Month Budgeted Sales (Units) April 40,000 May 50,000 June 44,000 Notes: Opening cash balance for the month of May is expected to be $9,250. Inventory policy- ending inventory of finished goods equal to 25% of that month’s sales. Budgeted selling price per case- $40 Purchase price per case - $10 (purchase volume greater than 30,000 cases per month will receive a 5% discount). Collections from customers: 80% in the month of sale 20% one month after the sale Monthly operating expenses are budgeted at: Marketing $20,000 per month Sales commission (5% of Total Sales Collection for the month) Administration cost per month is $18,000. This includes depreciation of $2,000 per month. All expenses and purchases are paid in the month incurred unless otherwise specified. Required: For the month of May, you have been asked to prepare: Purchases…
Mimosa, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $54,900 $63,000 $88,000 $94,000 Cost of goods sold 60% of sales Required ending inventory $20,000 + 30% of next month's sales Inventory on hand on Jan 1 $27,500 Calculate cost of goods sold for the month of February.

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