In September 2016, the management of Rye Company assembles the following data in preparation of budgeted...
| In September 2016, the management of Rye Company assembles the following | ||||||||
| data in preparation of budgeted merchandise purchases for the months of October and November. | ||||||||
| 1) | Expected Sales | |||||||
| a) | October | $1,500,000 | ||||||
| b) | November | 2,100,000 | ||||||
| c) | December | 2,700,000 | ||||||
| 2) | Cost of goods sold is expected to be 70% of sales | |||||||
| 3) | Desired ending merchandise inventory is 20% of the next month's cost of goods sold. | |||||||
| 4) | The beginning inventory at october 1 will be the desired amount. | |||||||
| INSTRUCCIONS | ||||||||
| Compute the budgeted merchandise purchases for October and November. | ||||||||
| Use a columnar format with separate columns for each month. | ||||||||
Homework Answers
Compute purchase
| October | November | |
| Sales | 1500000 | 2100000 |
| Cost of goods sold | 1050000 | 1470000 |
| Add: Desired ending inventory | 1470000*20% = 294000 | 378000 |
| Total | 1344000 | 1848000 |
| Less: Beginning inventory | 1050000*20% = -210000 | -294000 |
| Purchase | 1134000 | 1554000 |
Add Answer to:
In September 2016, the management of Rye Company assembles the
following
data in
preparation of budgeted...
In September 2016, the management of Rye Company assembles the following data in preparation of budgeted...
In September 2016, the management of Rye Company assembles the
following data in preparation of budgeted merchandise purchases for
the months of October and November.
1.
Expected Sales
October
$1,500,000
November
2,100,000
December
2,700,000
2.
Cost of goods sold is expected to be 70% of
sales.
3.
Desired ending merchandise inventory is 20% of the
next month's cost of goods sold.
4.
The beginning inventory at October 1 will be the
desired amount.
Compute the budgeted merchandise purchases for October...
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Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown...
Wheeling Company is a merchandiser that provided a balance sheet
as of September 30 as shown below:
Wheeling Company
Balance Sheet
September 30
Assets
Cash
$
77,800
Accounts receivable
134,000
Inventory
62,100
Buildings and equipment, net of depreciation
284,000
Total assets
$
557,900
Liabilities and Stockholders’ Equity
Accounts payable
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Common stock
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Retained earnings
116,000
Total liabilities and stockholders’ equity
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Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown...
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Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown...
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In September 2016, the management of Rye Company assembles the
following data in preparation of budgeted merchandise purchases for
the months of October and November.
1.
Expected Sales
October
$1,500,000
November
2,100,000
December
2,700,000
2.
Cost of goods sold is expected to be 70% of
sales.
3.
Desired ending merchandise inventory is 20% of the
next month's cost of goods sold.
4.
The beginning inventory at October 1 will be the
desired amount.
Compute the budgeted merchandise purchases for October...
Exercise 21-20 (Part Level Submission) In May 2017, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $501,000, July $607,300. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. (a) Compute the budgeted...
Wheeling Company is a merchandiser that provided a balance sheet
as of September 30 as shown below:
Wheeling Company
Balance Sheet
September 30
Assets
Cash
$
77,800
Accounts receivable
134,000
Inventory
62,100
Buildings and equipment, net of depreciation
284,000
Total assets
$
557,900
Liabilities and Stockholders’ Equity
Accounts payable
$
225,900
Common stock
216,000
Retained earnings
116,000
Total liabilities and stockholders’ equity
$
557,900
The company is in the process of preparing a budget for October
and has assembled the...
Hardy Company's cost of goods sold is consistently 70 % of sales. The company plans ending merchandise inventory for each month equal to 20 % of the next month's budgeted cost of goods sold. All merchandise is purchased on credit, and 40% of the purchases made during a month is paid for in that month, Another 45 % is paid for during the first month after purchase, and the remaining 15% is paid for during the second month after purchase....
Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet September 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 69,400 166,000 83,700 257,000 $ 576,100 $ 246,600 216,000 113,500 $ 576,100 The company is in the process of preparing a budget for October and has assembled the...
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