Apple Corporation provided the following information related to
its inventory sales and purchases for December Year...
Apple Corporation provided the following information related to
its inventory sales and purchases for December Year 1 and the first
quarter of Year 2:
Dec. Year 1
Jan. Year 2
Feb. Year 2
Mar. Year 2
(Actual)
(Budgeted)
(Budgeted)
(Budgeted)
Cost of goods
sold
$
37,000
$
67,000
$
87,000
$
57,000
Desired ending inventory levels are 27% of the following month's
projected cost of goods sold. Budgeted purchases of inventory in
February Year 2 would be:
A. $86,400.
B....
Company provided the following information related to its
inventory sales and purchases for December Year 1...
Company provided the following information related to its
inventory sales and purchases for December Year 1 and the first
quarter of Year 2:
Dec. Year 1
Jan. Year 2
Feb. Year 2
Mar. Year 2
(Actual)
(Budgeted)
(Budgeted)
(Budgeted)
Cost of goods sold
$80,000
$140,000
$170,000
$120,000
Desired ending inventory levels are 25% of the following month's
projected cost of goods sold. Budgeted purchases of inventory in
January Year 2 would be:
Select one:
a. $147,500
b. $180,000
c. $165,000...
Upstairs Company has the following data:
Month Budgeted Sales January $108,000 February 132,000 March
144,000 April...
Upstairs Company has the following data:
Month Budgeted Sales January $108,000 February 132,000 March
144,000 April 120,000 The gross profit rate is 40% of sales and
ending inventory at December 31 was $19,440. Desired ending
inventory levels are 30% of next month's sales at cost. What are
the expected total purchases for February?
A) $79,200
B) $81,360
C) $102,960
D) $105,120
Answer: B The correct option:B) $ 81,360
Can someone show me the steps to below numbers? the calculation
steps?...
The O'Brien Company has the following information available:
Month
Budgeted Sales
Jan
The O'Brien Company has the following information available:
Month
Budgeted Sales
Jan
$150,000
Feb
153,000
March
151,000
April
254,500
May
252,500
The gross profit rate is 20% and the desired ending inventory
level is 10% of the next month's cost of sales.
Required:
Prepare purchase and cost of goods sold budget for Feb, March,
and April.
Galactic Inc. manufactures flying drone toys. Sales units for
January, February, March, April and May were...
Galactic Inc. manufactures flying drone toys. Sales units for
January, February, March, April and May were 700, 680, 752, 712,
and 780 respectively.
Required:
1. The company’s policy for ending finished
goods is 25 percent of next month's sales. Prepare a production
budget for the first quarter.
2. The drone toy includes 2 LED lights, which
cost $15 each. The company requires ending direct materials to be
20 percent of next month's materials requirement. Prepare a direct
materials purchases budget...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50
4,027,500
14
Sale...
The sales budget is provided below for the product of Company
ABC.
Jan
30,000 units
Feb...
The sales budget is provided below for the product of Company
ABC.
Jan
30,000 units
Feb
20,000 units
Mar
10,000 units
Apr
20,000 units
May
30,000 units
Finished goods at the end of each month must be 10% of the next
month’s budgeted sales.
On Dec 31 of the last year, the finished goods totaled 2,000
units.
The selling price is $1 per unit.
80% of the credit sales are collected in the month of sale, 15%
in the month...
Perpetual Inventory Using LIFO Beginning inventory, purchases,
and sales data for prepaid cell phones for December...
Perpetual Inventory Using LIFO Beginning inventory, purchases,
and sales data for prepaid cell phones for December are as follows:
Inventory Purchases Sales Dec. 1 1,400 units at $28 Dec. 10 700
units at $30 Dec. 12 980 units Dec. 20 630 units at $32 Dec. 14 840
units Dec. 31 420 units a. Assuming that the perpetual inventory
system is used, costing by the LIFO method, determine the cost of
goods sold for each sale and the inventory balance after...