Commodity purchase forecast (budget): Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget). Requirement 1: Purchases forecast (budget) for the month of July, August and September.

Question

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Answer 1

Question

Chapter 7, Problem 23E

To determine

Concept introduction:

Commodity purchase forecast (budget):

Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget).

Requirement 1:

Purchases forecast (budget) for the month of July, August and September.

To determine

Concept introduction:

Closing stock:

It refers the value of goods made available for sale at the closing of the accounting period. The stock is treated as expense when a firm sells it.

Stock is the most important asset for trading and manufacturing firms.

Requirement 2:

To explain:

Ratio of ending stock to the succeeding month’s sales for each budget prepared in part1.

To determine

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

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Answer 2

Question

Chapter 7, Problem 23E

To determine

Concept introduction:

Commodity purchase forecast (budget):

Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget).

Requirement 1:

Purchases forecast (budget) for the month of July, August and September.

To determine

Concept introduction:

Closing stock:

It refers the value of goods made available for sale at the closing of the accounting period. The stock is treated as expense when a firm sells it.

Stock is the most important asset for trading and manufacturing firms.

Requirement 2:

To explain:

Ratio of ending stock to the succeeding month’s sales for each budget prepared in part1.

To determine

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 7, Problem 23E

To determine

Concept introduction:

Commodity purchase forecast (budget):

Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget).

Requirement 1:

Purchases forecast (budget) for the month of July, August and September.

To determine

Concept introduction:

Closing stock:

It refers the value of goods made available for sale at the closing of the accounting period. The stock is treated as expense when a firm sells it.

Stock is the most important asset for trading and manufacturing firms.

Requirement 2:

To explain:

Ratio of ending stock to the succeeding month’s sales for each budget prepared in part1.

To determine

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem 23E

To determine

Concept introduction:

Commodity purchase forecast (budget):

Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget).

Requirement 1:

Purchases forecast (budget) for the month of July, August and September.

To determine

Concept introduction:

Closing stock:

It refers the value of goods made available for sale at the closing of the accounting period. The stock is treated as expense when a firm sells it.

Stock is the most important asset for trading and manufacturing firms.

Requirement 2:

To explain:

Ratio of ending stock to the succeeding month’s sales for each budget prepared in part1.

To determine

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem 23E

To determine

Concept introduction:

Commodity purchase forecast (budget):

Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget).

Requirement 1:

Purchases forecast (budget) for the month of July, August and September.

To determine

Concept introduction:

Closing stock:

It refers the value of goods made available for sale at the closing of the accounting period. The stock is treated as expense when a firm sells it.

Stock is the most important asset for trading and manufacturing firms.

Requirement 2:

To explain:

Ratio of ending stock to the succeeding month’s sales for each budget prepared in part1.

To determine

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

Answer 6

Chapter 7, Problem 23E

To determine

Concept introduction:

Commodity purchase forecast (budget):

Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget).

Requirement 1:

Purchases forecast (budget) for the month of July, August and September.

Answer 7

Chapter 7, Problem 23E

To determine

Concept introduction:

Commodity purchase forecast (budget):

Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget).

Requirement 1:

Purchases forecast (budget) for the month of July, August and September.

Answer 8

To determine

Concept introduction:

Closing stock:

It refers the value of goods made available for sale at the closing of the accounting period. The stock is treated as expense when a firm sells it.

Stock is the most important asset for trading and manufacturing firms.

Requirement 2:

To explain:

Ratio of ending stock to the succeeding month’s sales for each budget prepared in part1.

Answer 9

To determine

Concept introduction:

Closing stock:

It refers the value of goods made available for sale at the closing of the accounting period. The stock is treated as expense when a firm sells it.

Stock is the most important asset for trading and manufacturing firms.

Requirement 2:

To explain:

Ratio of ending stock to the succeeding month’s sales for each budget prepared in part1.

Answer 10

To determine

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

Answer 11

To determine

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 7 - Prob. 1MCQ Ch. 7 - Prob. 2MCQ Ch. 7 - Prob. 3MCQ Ch. 7 - Prob. 4MCQ Ch. 7 - Prob. 5MCQ Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - What is the benefit of continuous budgeting?Ch. 7 - Identify three usual time horizons for short-term...Ch. 7 - Why should each department participate in...

Commodity purchase forecast (budget): Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget). Requirement 1: Purchases forecast (budget) for the month of July, August and September.

Solution Summary: The author introduces the concept of commodity purchase forecast (budget), which is prepared by the trader as the same way as producers prepare a manufacturing forecast.

Concept explainers

Videos

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.

Want to see the full answer?

Chapter 7 Solutions

Commodity purchase forecast (budget): Is prepared by the trader as the same way how producers prepare a manufacturing forecast (budget). A producer is not require preparing production forecast (budget). Requirement 1: Purchases forecast (budget) for the month of July, August and September.

Solution Summary: The author introduces the concept of commodity purchase forecast (budget), which is prepared by the trader as the same way as producers prepare a manufacturing forecast.

Concept explainers

Videos

Concept introduction: Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget). Requirement 3: Units forecasted for sale in October.

Want to see the full answer?

Chapter 7 Solutions

Concept introduction:

Commodity purchase forecast(budget) is prepared by the trader as the same way a producer prepares a manufacturing forecast (budget).A producer is not required to prepare production forecast (budget).

Requirement 3:

Units forecasted for sale in October.