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?
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 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 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...