QIThe controller of Tommi Industries has collected the following monthly Income statement data, the selling price...
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QIThe controller of Tommi Industries has collected the following monthly Income statement data, the selling price per unit, the variable cost and expense per unit (production or operating) and fixed cost per month (production or operating) did not change. Assuming Beg and End inventory are zero, determine missing amounts in schedule for July May June July S Sales revenueS1,600,000S2,000,000 S2.500.000 Cost of goods sold 1,260,000 1.500,000 Giross profit Operating expenses 260,000 Pre tax income $340,000 s500,000 300,000 200,000 80,000 Q2West Company's budgeted sales and direct materials -purchases are as follows Budgeted Budgeted Sales D.M. Purchases $800,000 January $300,000 February 350,000 1,100,000 March 900,000 260,000 West's sales are 40% cash and 60% credit. Credit sales are collected 60% in the month following sale, and 40% in the second month following sale. West's purchases are 50% cash and 50% on account. Purchases on account are paid 60% in the month following purchase, and 40% in the second month following purchase. (a) Compute the expected collections from customers for March (b) Compute the expected payments for direct materials for March. QIThe controller of Tommi Industries has collected the following monthly Income statement data, the selling price per unit, the variable cost and expense per unit (production or operating) and fixed cost per month (production or operating) did not change. Assuming Beg and End inventory are zero, determine missing amounts in schedule for July May June July S Sales revenueS1,600,000S2,000,000 S2.500.000 Cost of goods sold 1,260,000 1.500,000 Giross profit Operating expenses 260,000 Pre tax income $340,000 s500,000 300,000 200,000 80,000 Q2West Company's budgeted sales and direct materials -purchases are as follows Budgeted Budgeted Sales D.M. Purchases $800,000 January $300,000 February 350,000 1,100,000 March 900,000 260,000 West's sales are 40% cash and 60% credit. Credit sales are collected 60% in the month following sale, and 40% in the second month following sale. West's purchases are 50% cash and 50% on account. Purchases on account are paid 60% in the month following purchase, and 40% in the second month following purchase. (a) Compute the expected collections from customers for March (b) Compute the expected payments for direct materials for March.
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1 Expected Cash collection in March Jan Cash Sale 90000040 Collection of Feb Sales 11000006060 C... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1118334263
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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