Question

At January 1, 2020, Swifty Inc. has beginning inventory of 4400 surfboards. Swifty estimates it will...

At January 1, 2020, Swifty Inc. has beginning inventory of 4400 surfboards. Swifty estimates it will sell 16200 units during the first quarter of 2020 with a 10% increase in sales each quarter. Swifty’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each surfboard costs $150 and is sold for $220. How much is budgeted sales revenue for the third quarter of 2020?

A.$19602

B.$4312440

C.$980100

D.$3564000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
At January 1, 2020, Bonita, Inc. has beginning inventory of 3900 surfboards. Jake estimates it will...
At January 1, 2020, Bonita, Inc. has beginning inventory of 3900 surfboards. Jake estimates it will sell 14000 units during the first quarter of 2020 with a 10% increase in sales each quarter. Bonita’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each surfboard costs $170 and is sold for $290. How many units should Bonita produce during the first quarter of 2020?
Traditional and Contribution Format Income Statement [LO3] Haaki Shop Inc. is a large retailer of surfboards....
Traditional and Contribution Format Income Statement [LO3] Haaki Shop Inc. is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
Swifty Corporation estimates its sales at 140000 units in the first quarter and that sales will...
Swifty Corporation estimates its sales at 140000 units in the first quarter and that sales will increase by 13000 units each quarter over the year. They have, and desire, a 25% ending inventory of finished goods. Each unit sells for $35. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at
Swifty Corporation estimates its sales at 190000 units in the first quarter and that sales will...
Swifty Corporation estimates its sales at 190000 units in the first quarter and that sales will increase by 11000 units each quarter over the year. They have, and desire, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at A. 5250500 B. 3024500 C....
At January,1,2019, LL company estimates it will sell 10,000 units during the first quarter of 2019...
At January,1,2019, LL company estimates it will sell 10,000 units during the first quarter of 2019 with 1000 units increase in sales each quarter. Each unit is sold for $150. How much is budgeted sales revenue (in $) for the second quarter of 2019?
Problem 9-12 As of January 1, 2017, Swifty Inc. adopted the retail method of accounting for...
Problem 9-12 As of January 1, 2017, Swifty Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store’s financial statements at June 30, 2017, you obtain the following data. Cost Selling Price Inventory, January 1 $33,000 $42,800 Markdowns 9,800 Markups 9,800 Markdown cancellations 6,000 Markup cancellations 3,200 Purchases 96,328 152,400 Sales revenue 151,900 Purchase returns 2,800 4,100 Sales returns and allowances 7,700 Compute Swifty’s June 30, 2017, inventory under the conventional retail method of accounting...
Furniture, Inc., estimates the following number of mattress sales for the first four months of 2020:...
Furniture, Inc., estimates the following number of mattress sales for the first four months of 2020: Month Sales January 10,000 February 14,000 March 13,000 April 16,000 Finished goods inventory at the end of December is 3,000 units. Target ending finished goods inventory is 30% of the next month's sales. How many mattresses need to be produced in January 2020?
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017. Sales units: First quarter 5,100; second quarter 6,300; third quarter 7,300 Ending raw materials inventory: 40% of the next quarter’s production requirements Ending finished goods inventory: 25% of the next quarter’s expected sales units Third-quarter production: 7,670 units. The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to...
Problem 9-4 Karam Inc. has compiled the following data in order to put together their first...
Problem 9-4 Karam Inc. has compiled the following data in order to put together their first quarter operating budget for 2011: January February March April Sales (units) 35,000 31,000 38,000 29,000 Each unit requires three hours of direct labor. Additional information: Karam sells each unit for $95. Company policy is to have 30 percent of next month's sales (in units) in ending finished goods inventory. Company policy is to have 40 percent of next month's production needs in ending raw...
On January 1, 2020, the Hardin Company budget committee has reached agreement on the following data...
On January 1, 2020, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020. Prepare production and direct materials budgets by quarters for 6 months. Sales units: First quarter 5,000; second quarter 6,000; third quarter 7,000. Ending raw materials inventory: 40% of the next quarter's production requirements. Ending finished goods inventory: 25% of the next quarter's expected sales units. Third-quarter production: 7,200 units. The ending raw materials and finished goods...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT