Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information:
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | ||||
Budgeted unit sales | 41,000 | 62,000 | 31,000 | 62,000 | |||
Each T-shirt is expected to sell for $16.
The purchasing manager buys the T-shirts for $6 each.
The company needs to have enough T-shirts on hand at the end of each quarter to fill 26 percent of the next quarter’s sales demand.
Selling and administrative expenses are budgeted at $82,000 per quarter plus 12 percent of total sales revenue.
Required:
1. Determine budgeted sales revenue for quarters 1, 2, and 3.
2. Determine budgeted cost of merchandise purchased for quarters 1, 2, and 3.
3. Determine budgeted cost of good sold for quarters 1, 2, and 3.
4. Determine selling and administrative expenses for quarters 1, 2, and 3.
5. Complete the budgeted income statement for quarters 1, 2, and 3.
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PA8-6 (Algo) Preparing Operating Budgets for a Merchandising Firm [LO 8-5]
PA8-6 Preparing Operating Budgets for a Merchandising Firm [LO 8-5, 8-3a, f, g, h] Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Budgeted Unit Sales Quarter 1 43,000 Quarter 2 66,000 Quarter 3 33,000 Quarter 4 66,000 • Each T-shirt is expected to sell for $18. • The purchasing manager buys the T-shirts for $7 each....
PA8-6 Preparing Operating Budgets for a Merchandising Firm [LO 8-5, 8-3a, f, g, h] Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Budgeted Unit Sales Quarter 1 44,000 Quarter 2 68,000 Quarter 3 34,000 Quarter 4 68,000 • Each T-shirt is expected to sell for $19. • The purchasing manager buys the T-shirts for $8 each....
PA8-6 Preparing Operating Budgets for a Merchandising Firm (LO 8-5, 8-3a, f, g, h] Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information Quarter 33.000 Quarter 2 53.000 Quarter 3 26.500 Quarter 4 5 3,000 Budged Unt Sales • Each T-shirt is expected to sell for $19. - The purchasing manager buys the T-shirts for 58 each...
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