Info
Warning
Danger
/ Homework Answers / Accounting / 81) Fosnight Enterprises prepared the following sales budget: MonthBudgeted Sales March$6,000 April$13,000 May$12,000 June$14,000

Question

81) Fosnight Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$6,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 30% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What is the desired ending inventory on May 31?

A) $840

B) $9,800

C) $1,680

D) $1,960

82) Fosnight Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$6,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 30% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What is the budgeted cost of goods sold for May?

A) $3,600

B) $4,200

C) $2,400

D) $8,400

83) Fosnight Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$6,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 30% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What are the total purchases budgeted for April?

A) $8,680

B) $10,920

C) $8,960

D) $9,240

84) Fosnight Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$6,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 30% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What are the total purchases budgeted for May?

A) $8,120

B) $8,960

C) $8,680

D) $10,080

85) Sander Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$8,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 40% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What is the desired beginning inventory on June 1?

A) $1,440

B) $1,680

C) $1,120

D) $8,400

86) Sander Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$8,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 40% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What is the desired ending inventory on May 31?

A) $1,120

B) $1,440

C) $1,680

D) $8,400

87) Sander Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$8,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 40% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What is the budgeted cost of goods sold for May?

A) $7,200

B) $4,800

C) $2,400

D) $8,400

88) Sander Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$8,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 40% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What are the total purchases budgeted for April?

A) $9,360

B) $7,440

C) $7,680

D) $7,920

89) Sander Enterprises prepared the following sales budget:

MonthBudgeted Sales

March$8,000

April$13,000

May$12,000

June$14,000

The expected gross profit rate is 40% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold.

What are the total purchases budgeted for May?

A) $8,640

B) $7,680

C) $6,960

D) $7,440

90) A lamp store purchased $3,800 of lamps in September. The store had $1,600 of lamps on hand at the beginning of September, and expected to have $1,300 of lamps at the end of September to cover part of anticipated October sales. What is the budgeted cost of goods sold for September?

A) $5,400

B) $4,100

C) $6,700

D) $3,500

Solution
5 (1 Ratings )

Solved
Accounting 5 Months Ago 17 Views
This Question has Been Answered!
Premium Content -

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Better Grades!

Ask an Expert

Our Experts can answer your tough homework and study questions
124306 Accounting Questions Answered!
Post a Question

Welcome Back!

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Forgot?
Login
Don't have an account? Signup

Join ScholarOn

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Signup
By registering, I agree to the Terms and Privacy Policies
Already have an account? Log in

Verify Your Email

Check your inbox & click on the link to activate your account.

Resend Email
Verification Mail Send Successfully. Please Check Your Email.

Forgot Password

Please enter your registered email to recieve the password reset link.

Send reset link
Already have an account? Log in
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!

Let us boost your grade together!