In: Accounting
Q-1 llmakes Software budgeted August purchases of new software at $140,000.The store had software costing $6,000 on hand at the beginning of August, and to cover part of anticipated back-to-school sales in September they expect to have $15,000 of software on hand at the end of August.
What was the budgeted cost of goods sold for August?
QUESTION 2
The McKnight Company expects sales in 2015 of 420,000 units of serving trays. McKnight has beginning inventory for 2015 of 22,000 trays, and its target ending inventory is 15,000 trays. Compute the number of trays budgeted for production in 2015.
QUESTION 3
The McKnight Company expects sales in 2015 of 56,000 units of serving trays. McKnight has beginning inventory for 2015 of 2,000 trays, and its target ending inventory is 4,500 trays. Compute the number of trays budgeted for production in 2015.
QUESTION 4
Inglenook Co. produces wine. The company expects to produce 750,000 two-liter bottles of Chablis in 2015. Inglenook purchases empty glass bottles from an outside vendor. Its target ending inventory of such bottles is 20,000 ; its beginning inventor is 25,000 . For simplicity, ignore breakage. Compute the number of bottles to be purchased in 2015.
QUESTION 5
Month | Sales | Purchases |
January | $40000 | $22000 |
February | $36000 | $20200 |
March | $39600 | $22600 |
How much cash will be paid in total during March? Do not use any dollar signs or commas in your answer.
QUESTION 6
Inglenook Co. produces wine. The company expects to produce 880,000 two-liter bottles of Chablis in 2015. Inglenook purchases empty glass bottles from an outside vendor. Its target ending inventory of such bottles is 38,500 ; its beginning inventor is 42,000 . For simplicity, ignore breakage. Compute the number of bottles to be purchased in 2015.
1.4 points
QUESTION 7
Month | Sales | Purchases |
January | $38000 | $15600 |
February | $38000 | $15200 |
March | $45600 | $16000 |
What is the expected cash balance at March 31st if Hepburn Company doesn t do any borrowing?
Question-1 | |||
Budgeted Cost of Goods Sold | |||
Inventories at the Beginning | $6,000 | ||
Add: | Purchases during the Year | $140,000 | |
Cost of Goods available for sale | $146,000 | ||
Less: | Inventories at the Ending | $15,000 | |
Budgeted Cost of Goods Sold | $131,000 | ||
Question-2 | |||
Budgeted Production | |||
Expected Sales (units) | 420,000 | ||
add: | Ending Inventory required | 15,000 | |
Total required | 435,000 | ||
Less: | Beginning Inventories | 22,000 | |
Budgeted Production | 413,000 | ||
Question-3 | |||
Expected Sales (units) | 56,000 | ||
add: | Ending Inventory required | 4,500 | |
Total required | 60,500 | ||
Less: | Beginning Inventories | 2,000 | |
Budgeted Production | 58,500 | ||
Question-4 | |||
No.of units to be purchased | |||
Expected Production | 750,000 | ||
add: | Ending Inventory required | 20,000 | |
Total required | 770,000 | ||
Less: | Beginning Inventories | 25,000 | |
No.of units to be purchased | 745,000 | ||
Question-5 | |||
Cash Paid in March | |||
March | |||
Payments to suppliers | |||
February month balance(20,200x45%) | 9090 | ||
March month purchase (22,600x55%) | 12430 | ||
Payments to suppliers(a) | 21520 | ||
Payments to labor (39,600x16%) (b) | 6336 | ||
Payment for operating expense (35,000-4,000) (c) | 31000 | ||
Total Cash payment in March (a+b+c) | 58856 | ||
Question-6 | |||
No.of units to be purchased | |||
Expected Production | 880,000 | ||
add: | Ending Inventory required | 38,500 | |
Total required | 918,500 | ||
Less: | Beginning Inventories | 42,000 | |
No.of units to be purchased | 876,500 | ||
Question-7 | |||
Expected Cash Balancein march 31 | |||
Begining Cash Balance (a) | 8,000 | ||
Add: | Receipt | ||
Collection from Customers | |||
February month balance(38,000x55%) | 20900 | ||
March month (45,600x45%) | 20520 | ||
Total collection from customer (b) | 41420 | ||
Less: | Payments | ||
Payments to suppliers | |||
February month balance(15,200x65%) | 9880 | ||
March month purchase (16,000x35%) | 5600 | ||
Payments to suppliers | 15480 | ||
Payments to labor (45,600x32%) | 14592 | ||
Payment for operating expense (29,000-10,000) | 19000 | ||
Total Cash payment in March (c) | 49072 | ||
Expected Cash Balancein march 31 before borrowing (a+b-c) | 348 |
Budgeted Cost of Goods Sold | $131,000 |