Homework Answers
Ans
Budgeted Sales for December ................................................ 2,350 shovels
Less : Beginning Inventory as on November 30...................... (270) shovels
Required Production ............................................................... 2,080 shovels
Add : Desired Ending Inventory on December 31.................. 500 shovels
Total Production for December............................................... 2,580 shovels
So the correct ans is B .
2,580 shovels Benson stores should purchase for December month.
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4OVPADD cULL Bruner Stores wants to have 500 shovels in ending inventory on December 31. Budgeted sales for Decembe...
Data Regarding Ballard Corporation's are listed below: -Sales are budgeted at 25,000 units for November;25,000 units...
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• Sales are budgeted at $350,000 for November, $330,000 for December, and $320,000 for January ....
• Sales are budgeted at $350,000 for November, $330,000 for December, and $320,000 for January . Collections are expected to be 45% in the month of sale and 55% in the month following the sale. . The cost of goods sold is 75% of sales. . The company would like to maintain ending merchandise Inventories equal to 80% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. • Other monthly...
FIFO METHOD: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2...
FIFO METHOD:
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LIFO METHOD: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2...
LIFO METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,500 10.00 15,000.00 500 S 11.50$ 5,750.00 600 14.50$ 8,700.00 1,200 15.00 $ 18,000.00 800 S 16.50$ 13,200.00 300 S 18.00$...
WEIGHTED AVERAGE METHOD: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31,...
WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00$ 15,000.00 500$ 11.50 5,750.00 600 14.50$ 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 300$18.00$ 5,400.00 700$ 18.50 S12,950.00 400 20.00 8,000.00...
Goldberg Company is a retail sporting goods store that uses an accrual accounting system. Facts regarding its operations follow: . Sales are budgeted at $220,000 for December and $190,000 for January...
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Marst Corporation's budgeted production in units and budgeted raw materials purchases over the next three months...
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10. The following credit sales are budgeted by Vaughn Manufacturing: January $164000 February 250000 March 380000...
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MASTERY PROBLEM ,250Hurst Company's beginning inventory and purchases during the fiscal year end December 31, 20-2, were as follows: Units 1,500 500 Unit Price Total Cost January 1, 20-2 January 12 February 28 June 29 August 31 October 29 November 30 December 2:1 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase $10.00 $15,000 5,750 8,700 15.00 18,000 16.50 13,200 5,400 18.50 12,950 8,000 $87,000 11.50 14.50 1,200 800 300 18.00 400 20.00...
• Sales are budgeted at $350,000 for November, $330,000 for December, and $320,000 for January . Collections are expected to be 45% in the month of sale and 55% in the month following the sale. . The cost of goods sold is 75% of sales. . The company would like to maintain ending merchandise Inventories equal to 80% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. • Other monthly...
FIFO METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00 $ 15,000.00 500 $11.50 5,750.00 600 $14.50 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 $5,400.00 700 18.50 12,950.00 400 20.00S8,000,00 $87,000.00 300...
LIFO METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,500 10.00 15,000.00 500 S 11.50$ 5,750.00 600 14.50$ 8,700.00 1,200 15.00 $ 18,000.00 800 S 16.50$ 13,200.00 300 S 18.00$...
WEIGHTED AVERAGE METHOD:
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