1.The Zel Company, a wholesaler, budgets $150,000 of credit sales and $20,000 of cash sales next...
1.The Zel Company, a wholesaler, budgets $150,000 of credit sales and $20,000 of cash sales next month. All merchandise is marked up to sell at 125% of its invoice cost. How much is the budgeted cost of goods sold for next month?
Homework Answers
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Total sales = Cost of Goods Sold * markup percent (150,000+20,000) = Cost of Goods Sold * 125% 170,000 = Cost of Goods Sold * 125% Cost of Goods Sold = 170,000/125% = 136,000 |
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1.The Zel Company, a wholesaler, budgets $150,000 of credit
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budgets with supporting inventory and purchases budgets LO P4
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Units
Dollars
April (actual)
4,000
$
640,000
May (actual)
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448,000
June (budgeted)
4,500
720,000
July (budgeted)
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719,000
August (budgeted)
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656,000
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Problem 22-7AA Merchandising: Preparation and analysis of cash
budgets with supporting inventory and purchases budgets LO P4
Aztec Company sells its product for $160 per unit. Its actual
and budgeted sales follow.
Units
Dollars
April (actual)
4,000
$
640,000
May (actual)
2,800
448,000
June (budgeted)
4,500
720,000
July (budgeted)
3,500
719,000
August (budgeted)
4,100
656,000
All sales are on credit. Recent experience shows that 26% of credit
sales is collected in the month of the sale, 44% in the month...
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