Homework Answers
Answer
--[a]
| A = 240000 + 2.5% | February Cost of Goods Sold | $246,000 | |
| B | Ending Inventory for feb | $25,000 | |
| C | Beginning inventory for Feb | $20,000 | |
| D = A+B - C | Amount of purchases Bydgeted for Feb | $251,000 | Answer |
--[b]
| A | Payment to Accounts Payable exusting on Jan 31 | $19,000 | |
| B = $ 251000 x 60% | Payment of Feb purchases | $150,600 | |
| C = A+B | Amount of Cash payments Budgeted for Feb | $169,600 | Answer |
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Determining the amount of inventory purchases and cash payments Clement Oil Corporation, which distributes gasoline products...
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$24,000. Widden pays cash to settle 75 percent of its purchases on
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3 Munoz Company, which sells electric razors, had $380,000 of cost of goods sold during the...
3
Munoz Company, which sells electric razors, had $380,000 of cost of goods sold during the month of June. The company projects a 5 percent increase in cost of goods sold during July The inventory balance as of June 30 is $32,000, and the desired ending inventory balance for July is $33,000. Munoz pays cash to settle 70 percent of its purchases on account during the month of purchase and pays the remaining 30 percent in the month following the...
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Widden Company, which sells
electric razors, had $360,000 of cost of goods sold during the
month of June. The company projects a 7 percent increase in cost of
goods sold during July. The inventory balance as of June 30 is
$23,000, and the desired ending inventory balance for July is
$24,000. Widden pays cash to settle 75 percent of its purchases on
account during the month of purchase and pays the remaining 25
percent in the month following the purchase....
Adams Company, which sells electric razors, had $330,000 of cost of goods sold during the month of June. The company projects a 9 percent increase in cost of goods sold during July. The inventory balance as of June 30 is $31,000, and the desired ending Inventory balance for July is $32,000. Adams pays cash to settle 75 percent of its purchases on account during the month of purchase and pays the remaining 25 percent in the month following the purchase....
3
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