/ 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
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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

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