April | May | June | July | |
Cost of goods sold [ 35% * Expected sales ] | $ 94,500 | $ 84,000 | $ 126,000 | $ 49,000 |
(+) Desired ending inventory [ 45% * following month's cost of goods sold ] | $ 37,800 | $ 56,700 | $ 22,050 | |
Total Goods available | $ 132,300 | $ 140,700 | $ 148,050 | |
(-) Beginning inventory | $ 42,525 | $ 37,800 | $ 56,700 | |
Total cost of budgeted purchases | $ 89,775 | $ 102,900 | $ 91,350 |
Note 1 : Ending inventory on one month becomes the beginning inventory of immediate next month. | |
Note 2 : Beginning inventory of April = Ending inventory March = 45% * Cost of goods sold of April = 45% * $94,500 | $ 42,525 |
Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet ac...
Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $190,000, $160,000, $280,000, and $60,000, respectively. 2. Cost of goods sold is 40 percent of expected sales. 3. CGC's desired...
Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $240,000, $210,000, $330,000, and $110,000, respectively. 2. Cost of goods sold is 40 percent of expected sales. 3. CGC's desired...
Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $320,000, $290,000, $410,000, and $190,000, respectively. 2. Cost of goods sold is 50 percent of expected sales. 3. CGC's desired...
Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Intemet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year 1. Expected monthly sales for April, May, June, and July are $140,000, $110,000, $230,000, and $50,000, respectively 2. Cost of goods sold is 15 percent of expected sales. 3. CGC's desired...
Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: Expected monthly sales for April, May, June, and July are $220,000, $190,000, $310,000, and $90,000, respectively.Cost of goods sold is 30 percent of expected sales.CGC’s desired ending inventory is 20 percent of...
E8-20 (Algo) Preparing a Merchandise Purchases Budget and a Budgeted Income Statement [LO 8-3h, 8-5) Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $300,000, $270,000, $390,000, and $170,000,...
E8-20 (Algo) Preparing a Merchandise Purchases Budget and a Budgeted Income Statement (LO 8-3h, 8-5] Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via t Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $300,000, $270,000, $390,000, and $170,000...
Cash Budget The Williams Supply Company sells for $40 one product that it purchases for $25. Budgeted sales in total dollars for next year are $1,400,000. The sales information needed for preparing the July budget follows: Month Sales Revenue May $ 34,000 June 48,000 July 56,000 August 64,000 Account balances at July 1 include these: Cash $ 24,000 Merchandise inventory 17,500 Accounts receivable (sales) 25,760 Accounts payable (purchases) 16,250 The company pays for one-half of its purchases in the month...
Compute the following for Iguana inc for the second quarter (April, May, June) We were unable to transcribe this imageIguana, Inc., had $11,100 cash on hand on April 1. Of its sales, 80 percent is in cash of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid...
VROOM Inc. is a merchandiser that sells spa products to the hotel industry. (the company is not a manufacturer). Management is planning its cash needs for the second quarter April, May and June). The following information has been assembled to assist in preparing a cash budget for the second quarter: 1. Budgeted monthly income statements for April to July are as follows: Sale.000 300.00 April May June July Sales $470,000 $710,000 $410,000 $300,000 Cost of goods sold 336,000 504,000 280,000...