Homework Answers
| MONTEL COMPANY | ||||
| Computation of Budgeted Cost of purchases | ||||
| For the month ended July 31 | ||||
| Budgeted cost of goods sold($530,000-$159,000) | $3,71,000 | |||
| Budgeted ending inventory | $37,000 | |||
| Required available merchandise | $4,08,000 | |||
| Budgeted beginning inventory | -$66,000 | |||
| Budgeted cost of purchases | $3,42,000 | |||
| Gross Profit | $1,59,000 | |||
| As of July 31 | ||||
| Sales months | Total Sales | Credit Sales | Percent still uncollected | Amount uncollected |
| June | $3,60,000 | $1,08,000 | 5% | $5,400 |
| July | $3,38,000 | $1,01,400 | 75% | $76,050 |
| Total | $81,450 | |||
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QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of...
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QS 22-27A Merchandising: Cash payments for merchandise LO P4
Torres Co. forecasts merchandise purchases of $14,800 in
January, $17,600 in February, and $20,200 in March; 50% of
purchases are paid in the month of purchase and 50% are paid in the
following month. At December 31 of the prior year, the balance of
Accounts Payable (for December purchases) is $28,000.
Prepare a schedule of cash payments for merchandise for each of the
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