Question

In: Accounting

Question 1 will be parts A, B, C, and D A. Loyal Pet Company expects to...

Question 1 will be parts A, B, C, and D

A. Loyal Pet Company expects to sell 4,000 beefy dog treats in January and 6,000 in February for $4.00 each. What will be the total sales revenue reflected in the sales budget for those​ months?

A.January $1,500​; February $1,000

B.January $1,000​; February $1,500

C.January $24,000​; February $16,000

D.January $16,000​; February $ 24000

B. Hewitt Company expects cash sales for July of $11,000​, and a 15​% monthly increase during August and September. Credit sales of $7,000 in July should be followed by 33​% increases during August and September. What are budgeted cash sales and budgeted credit sales for September​ respectively? (Round final answers to the nearest​ dollar.)

A. $14,630 and $8,050

B. $14,548 and $12,382

C. $12,650 and $9,310

D. $9,565 and $5,263

C. Rubino Corporation desires a December 31 ending inventory of​ 1,000 units. Budgeted sales for December are​ 3,450 units. The November 30 inventory was 550 units. What are budgeted purchases in​ units?

A. ​5,000

B. ​3,000

C. ​4,450

D.​3,900

D.

Distribution Corporation collects 35​% of a​ month's sales in the month of​ sale, 45​% in the month following​ sale, and 20​% in the second month following sale. Budgeted sales for the upcoming four months​ are:

April budgeted sales

$60,000

May budgeted sales

$130,000

June budgeted sales

$220,000

July budgeted sales

$200,000

The amount of cash that will be collected in July is budgeted to be

A. $70,000

B. $195,000

C.$125,000

D.$184,500

Solutions

Expert Solution

Part - A:

1.

Computation the value of total sales for January is:

Value of total sales for January = Number of units sold in January * Value of sales per unit

= 4,000 * $4

= $16,000

2.

Computation the value of total sales for February is:

Value of total sales for February = Number of units sold in February * Value of sales per unit

= 6,000 * $4

= $24,000

Hence, the value of total sales for January and February are $16,000 and $24,000 respectively, that is, the (D) option is correct.

Part - B:

1.

Computation the value of cash sales increased in September is:

Value of cash sales increased in September = Value of cash sales for July * (1 + Percentage increased in August) * (1 + Percentage increased in September)

= $11,000 * (1 + 0.15) * (1 + 0.15)

= $11,000 * 1.15 * 1.15

= $14,548

2.

Computation the value of credit sales increased in September is:

Value of credit sales increased in September = Value of credit sales for July * (1 + Percentage increased in August) * (1 + Percentage increased in September)

= $7,000 * (1 + 0.33) * (1 + 0.33)

= $7,000 * 1.33 * 1.33

= $12,382

Hence, the value of cash sales and credit sales in September are $14,548 and $12,382 respectively, that is, the (B) option is correct.

Part - C:

Computation of budgeted purchases in units is:

Budgeted purchases in units = Budgeted sales in units + Number of units at the end - Number of units at the beginning

= 3,450 units + 1,000 units - 550 units

= 3,900 units

Hence, the budgeted purchases in units is 3,900, that is, the (D) option is correct.

Part - D:

Computation the amount of cash collected in July is:

Amount of cash collected in July = (Sales value of May * Percentage of second following month) + (Sales value of June * Percentage of following month) + (Sales value of July * Percentage of same month)

= ($130,000 * 0.20) + ($220,000 * 0.45) + ($200,000 * 0.35)

= $26,000 + $99,000 + $70,000

= $195,000

Hence, the amount of cash collected in July is $195,000, that is, the (B) option is correct.


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