Bernie Company sells buttons to fabric stores. Sales are expected to be $2,057,786 in January, $2,316,907...
Bernie Company sells buttons to fabric stores. Sales are expected to be $2,057,786 in January, $2,316,907 in February and $3,184,495 in March. Bernie Company sets their prices so that they earn an average 32% gross profit on sales revenue. What is budgeted cost of goods sold for February?
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Bernie Company sells buttons to fabric stores. Sales are
expected to be $2,057,786 in January, $2,316,907...
HOMEWORK PROBLEM 2: Stocks, Inc., sells weight-lifting equipment. The sales and inventory records of the company...
HOMEWORK PROBLEM 2: Stocks, Inc., sells weight-lifting equipment. The sales and inventory records of the company for January through March 2017 were as follows: Weight Sets Unit Cost Total Cost Beginning inventory, January 1 460 $30 $13,800 Purchase, January 16 110 32 3,520 Sale, January 25 ($45 per set) 216 45 9,720 Purchase, February 16 105 36 3,780 Sale, February 27 ($40 per set) 307 40 12,280 Purchase, March 10 150 28 4,200 Sale, March 30 ($50 per set) 190...
Radical Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to...
Radical Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,210,000 in October, $2,379,000 in November, and $2,560,000 in December. Radical Logos sets its prices to earn an average 40% gross profit on sales revenue. The company does not want inventory to fall below $440,000 plus 10% of the next month's cost of goods sold. Prepare an inventory, purchases, and cost of goods sold budget for the months of October...
Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to...
Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,006,000 in September, $2,200,000 in October, $2,376,000 in November, and $2,570,000 in December. Cool Logos sets its prices to earn an average 40% gross profit on sales revenue. The company does not want inventory to fall below $425,000 plus 10% of the next month's cost of goods sold. Prepare an inventory, purchases, and cost of goods sold budget for the months of October...
Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,002,...
Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,002,000 in September, $2,160,000 in October, $2,385,000 in November, and $2,560,000 in December. Cool Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $425,000 plus 10% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the...
Kling Company Budgeted Income Statement For the Quarter Ended March 31, 2018 January February March Total...
Kling Company Budgeted Income Statement For the Quarter Ended March 31, 2018 January February March Total (20% increase per month) Net Sales Revenue 25,000 $ 30,000 S 38,000 S 91,000 Cost of Goods Sold (60% of sales) 15,000 18,000 21,600 54,800 Gross Profit 10,000 12,000 14,400 38,400 ($2,200 8% of sales) 5,080 S and A Expenses 4,200 4,800 13,880 5,800 Operating Income 7.400 9,320 22,520 Income Tax Expense (10 % of operating income) 580 740 932 2,252 5,220 $ 6,660...
Merline Manufacturing makes its product for $75 per unit and sells it for $150 per unit....
Merline Manufacturing makes its product for $75 per unit and sells it for $150 per unit. The sales staff receives a 10% commission on the sale of each unit. Its December income statement follows. MERLINE MANUFACTURING Income Statement For Month Ended December 31, 2019 Sales $2,250,000 Cost of goods sold 1,125,000 Gross profit 1,125,000 Operating expenses Sales commissions (10%) 225,000 Advertising 250,000 Store rent 30,000 Administrative salaries 45,000 Depreciation-office equipment 50,000 Other expenses 10,000 Total expenses 610,000 Net income $...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
Slippers Inc. produces and sells shoes in chain stores. Company sells 10 kinds of cheap shoes...
Slippers Inc. produces and sells shoes in chain stores. Company sells 10 kinds of cheap shoes with similar costs and selling prices. Each store has a manager working for a salary. Each salesperson is paid salary plus a sales Premium. Company pays extra 1 TL premium to sales person and 1 TL to manager for each pair of shoes sold beyond BEP. Company is to decide whether to open up or not a new store. Budgeted revenue and costs are...
Merline Manufacturing makes its product for $60 per unit and sells it for $142 per unit....
Merline Manufacturing makes its product for $60 per unit and sells it for $142 per unit. The sales staff receives a 10% commission on the sale of each unit. Its December income statement follows. MERLINE MANUFACTURING Income Statement For Month Ended December 31, 2017 Sales $1,420,000 Cost of goods sold 600,000 Gross profit 820,000 Operating expenses Sales commissions (10%) 142,000 Advertising 224,000 Store rent 25, 200 Administrative salaries 46,000 Depreciation-office equipment 56,000 Other expenses 13,200 Total expenses 506,400 Net income...
Radical Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,210,000 in October, $2,379,000 in November, and $2,560,000 in December. Radical Logos sets its prices to earn an average 40% gross profit on sales revenue. The company does not want inventory to fall below $440,000 plus 10% of the next month's cost of goods sold. Prepare an inventory, purchases, and cost of goods sold budget for the months of October...
Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,006,000 in September, $2,200,000 in October, $2,376,000 in November, and $2,570,000 in December. Cool Logos sets its prices to earn an average 40% gross profit on sales revenue. The company does not want inventory to fall below $425,000 plus 10% of the next month's cost of goods sold. Prepare an inventory, purchases, and cost of goods sold budget for the months of October...
Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,002,000 in September, $2,160,000 in October, $2,385,000 in November, and $2,560,000 in December. Cool Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $425,000 plus 10% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October...
ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the...
Kling Company Budgeted Income Statement For the Quarter Ended March 31, 2018 January February March Total (20% increase per month) Net Sales Revenue 25,000 $ 30,000 S 38,000 S 91,000 Cost of Goods Sold (60% of sales) 15,000 18,000 21,600 54,800 Gross Profit 10,000 12,000 14,400 38,400 ($2,200 8% of sales) 5,080 S and A Expenses 4,200 4,800 13,880 5,800 Operating Income 7.400 9,320 22,520 Income Tax Expense (10 % of operating income) 580 740 932 2,252 5,220 $ 6,660...
Merline Manufacturing makes its product for $75 per unit and sells it for $150 per unit. The sales staff receives a 10% commission on the sale of each unit. Its December income statement follows. MERLINE MANUFACTURING Income Statement For Month Ended December 31, 2019 Sales $2,250,000 Cost of goods sold 1,125,000 Gross profit 1,125,000 Operating expenses Sales commissions (10%) 225,000 Advertising 250,000 Store rent 30,000 Administrative salaries 45,000 Depreciation-office equipment 50,000 Other expenses 10,000 Total expenses 610,000 Net income $...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
Slippers Inc. produces and sells shoes in chain stores. Company sells 10 kinds of cheap shoes with similar costs and selling prices. Each store has a manager working for a salary. Each salesperson is paid salary plus a sales Premium. Company pays extra 1 TL premium to sales person and 1 TL to manager for each pair of shoes sold beyond BEP. Company is to decide whether to open up or not a new store. Budgeted revenue and costs are...
Merline Manufacturing makes its product for $60 per unit and sells it for $142 per unit. The sales staff receives a 10% commission on the sale of each unit. Its December income statement follows. MERLINE MANUFACTURING Income Statement For Month Ended December 31, 2017 Sales $1,420,000 Cost of goods sold 600,000 Gross profit 820,000 Operating expenses Sales commissions (10%) 142,000 Advertising 224,000 Store rent 25, 200 Administrative salaries 46,000 Depreciation-office equipment 56,000 Other expenses 13,200 Total expenses 506,400 Net income...
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