Next question Swenson Electronics sels tablets. Its sales budget for the nine months ended September 30...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Next question Swenson Electronics sels tablets. Its sales budget for the nine months ended September 30 follows: E (Click the icon to view the budget.) (Click the icon to view additional information.) Requirement Prepare a cost of goods sold, inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to the nearest whole dollar.) Swenson Electronics Cost of Goods Sold, Inventory, and Purchasen Budget For the Nine Months Ended September 30 Quarter Ended Mar 31 Nine-Month Total Jun 30 Sep 30 Cost of goode sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases Data table Swenson Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total Cash sales, 20% $ 26,000 $ 36,000 $ 31,000 $ 93,000 .... 104,000 144,000 124,000 372,000 Credits sales, 80% $ 130,000 $ 180,000 $ 155,000 $ 465,000 Total sales, 100% .... Print Done More info In the past, cost of goods sold has been 60% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $30,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $230,000 during the fourth quarter. The January 1 inventory was $45,600. Print Done Next question Swenson Electronics sels tablets. Its sales budget for the nine months ended September 30 follows: E (Click the icon to view the budget.) (Click the icon to view additional information.) Requirement Prepare a cost of goods sold, inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to the nearest whole dollar.) Swenson Electronics Cost of Goods Sold, Inventory, and Purchasen Budget For the Nine Months Ended September 30 Quarter Ended Mar 31 Nine-Month Total Jun 30 Sep 30 Cost of goode sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases Data table Swenson Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total Cash sales, 20% $ 26,000 $ 36,000 $ 31,000 $ 93,000 .... 104,000 144,000 124,000 372,000 Credits sales, 80% $ 130,000 $ 180,000 $ 155,000 $ 465,000 Total sales, 100% .... Print Done More info In the past, cost of goods sold has been 60% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $30,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $230,000 during the fourth quarter. The January 1 inventory was $45,600. Print Done
Expert Answer:
Answer rating: 100% (QA)
Purchase Budget The purchase budget represents the inventory required for the estimat... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
The Robinson Company had a cost of goods sold of $1,000,000 in 2014 and $1,200,000 in 2015. a. Calculate the inventory turnover for each year. Comment on your findings. b. What would have been the...
-
The Taylor Company Limited reported a cost of goods sold of $640,000 last year, when 20,000 units were produced and sold. The cost of goods sold was 35% materials, 42% direct labour, and 23%...
-
Ace Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: In the past, cost of goods sold has been 70% of total sales. The director of marketing and the...
-
Figure shows an overhead view of a ring that can rotate about its center like a merry-go-round. Its outer radius R2 is 0.800 m, its inner radius R1 is R2/2.00, its mass M is 8.00 kg, and the mass of...
-
Kruger Corporation has the following long-term investments. (1) Common stock of Eidman Co. (10% ownership) held as available-for-sale securities cost $108,000, fair value $115,000. (2) Common stock...
-
Let T = [0, 2). a) Prove that the function (x) := (cos x, sin x) is 1-1 from T onto B1(0, 0) R2. b) Prove that p(x, y) := || (x) - (y)|| is a metric on T. c) Prove that a function f is continuous on...
-
Blare Company had a return on sales of 6.5 percent and an asset turnover of 2.40. What is Blare's return on assets?
-
Repeat Problem 1 to determine the percentage return on your investment but in this case suppose the price of the stock falls to $7.50 per share. What generalization can be inferred from your answers...
-
what does this mean? The null hypothesis for this analysis was there was no significant difference in the MAAP ELA scores as measured by the grade level
-
1. Does Steve need additional information from Iverstine and Walker? 2. What would you recommend? In 1979, Steve Blake founded Blake Electronics in Long Beach, California, to manufacture resistors,...
-
1. On average, your firm receives 62 checks a day from customers. These checks, on average, are worth $39.90 each and clear the bank in 1.5 days. In addition, your firm disburses 38 checks a day with...
-
What are the potential ethical and societal consequences of embracing ethical egoism as a guiding moral philosophy, and how does it compare to altruistic approaches ?
-
Create a graphic that clearly shows the differences in statistics of families on WIC, TANF, and Food assistance, children in head start, poor children, eighth-grade dropouts, and school funding...
-
what ways does normative ethical theory provide a framework for evaluating moral decisions, and how does it interact with applied ethics in real-world contexts ?
-
For the function f defined by f(x)=2x^2+6x+3 , find the following values. Simplify your answers. f(-4)= f(-x)= -f(x)= f(x+h)=
-
What is the minimalist definition of democracy? What is a potential benefit of elections in autocratic regimes? What type of autocratic system best describes China? What is an example of ex-post...
-
(a) The average wind speed in a city is 8 miles per hour. To check if there is any change in the wind speed, a researcher took a sample of wind speeds over 36 days for which he had found that the...
-
According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail...
-
A condensed income statement for Southwest Airlines and a partially completed vertical analysis follow. Required: 1. Complete the vertical analysis by computing each line item (a)(f) as a percentage...
-
Refer to the information in E10-14 and assume Seton Corporation accounts for the bond using the simplified effective-interest method shown in Chapter Supplement 10C. Info E10-14 On January 1, when...
-
Most highly visible companies spend significant amounts of money to protect their intellectual property, ensuring that no one uses this property without direct permission. For example, to include...
-
Briefly explain the operation of a periodic inventory system. Include an explanation of how the cost of goods sold is determined.
-
Estimate the ending inventory by the gross profit method, given the following data: beginning inventory, \(\$ 40,000\); net purchases, \(\$ 100,000\); net sales, \(\$ 112,000\); average gross profit...
-
Use your operating systems built-in capability to encrypt a file. Store the enciy'pted file in a folder that can be shared with other users on that computer. Then create a new user account. Assign it...
Study smarter with the SolutionInn App