A company has budgeted direct materials purchases of $310000 in July and $470000 in August. Past...
A company has budgeted direct materials purchases of $310000 in July and $470000 in August. Past experience indicates that the company pays for 70% of its purchases in the month of purchase and the remaining 30% in the next month. During August, the following items were budgeted:
| Wages Expense | $100000 |
| Purchase of office equipment | 67000 |
| Selling and Administrative Expenses | 44000 |
| Depreciation Expense | 31000 |
The budgeted cash disbursements for August are
$633000.
$664000.
$589000.
$422000.
The following credit sales are budgeted by Vaughn
Manufacturing:
| January | $164000 |
| February | 250000 |
| March | 380000 |
| April | 280000 |
The company's past experience indicates that 70% of the accounts
receivable are collected in the month of sale, 20% in the month
following the sale, and 8% in the second month following the sale.
The anticipated cash inflow for the month of April is
$329120.
$278800.
$292000.
$272000.
A company budgeted unit sales of 274000 units for January, 2017
and 310000 units for February 2017. The company has a policy of
having an inventory of units on hand at the end of each month equal
to 30% of next month's budgeted unit sales. If there were 82200
units of inventory on hand on December 31, 2016, how many units
should be produced in January, 2017 in order for the company to
meet its goals?
274000 units
263200 units
284800 units
367000 units
At January 1, 2016, Concord Corporation has beginning inventory of 4000 surfboards. Concord estimates it will sell 8000 units during the first quarter of 2016 with a 12% increase in sales each quarter. Concord’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each surfboard costs $100 and is sold for $150. How much is budgeted sales revenue for the third quarter of 2016?
$1505280
1650000
$450000
$10035.20
Sheridan Company reported the following information for
2016:
| October | November | December | |
| Budgeted sales | $390000 | $410000 | $500000 |
| Budgeted purchases | $270000 | $226000 | $258000 |
- All sales are on credit.
- Customer amounts on account are collected 50% in the month of sale and 50% in the following month.
- Cost of goods sold is 35% of sales.
- Sheridan purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.
- Accounts payable is used only for inventory acquisitions.
How much cash will Sheridan receive during November?
$205000
$410000
$455000
$400000
Homework Answers
1.
Budgeted cash disbursements in August
= Cash disbursements for August purchases (470,000*70%) + Cash disbursements for July purchases (310,000*30%)+100,000+67,000+44,000
= 633,000
Option A is the answer
Add Answer to:
A company has budgeted direct materials purchases of $310000 in
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