Riverco Products, a wholesaler of fishing equipment, budgeted the following sales for the indicated months: (Click...
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Riverco Products, a wholesaler of fishing equipment, budgeted the following sales for the indicated months: (Click the icon to view the sales budget.) All merchandise is marked up to sell at its invoice cost plus 25%. Target merchandise inventories at the beginning of each month are 30% of that month's projected cost of goods sold. Requirements 1. Compute the budgeted cost of goods sold for the month of June 20X8. 2. Compute the budgeted merchandise purchases for July 20X8. Data table 5531 5553 The budgeted cost of goods sold for the month of June 20X8 is $1600000. Requirement 2. Compute the budgeted merchandise purchases for July 20X8. Use the following table to compute the budgeted merchandise purchases for Ju July Merchandise Purchases Desired ending inventory Plus: Cost of goods sold Total merchandise needed Less: Beginning inventory Required purchases June 20X8 July 20X8 Sales on account Cash sales $ 1,760,000 $ 240,000 2,000,000 $ 1,930,000 $ August 20X8 1,930,0 332,500 2,262,500 $ 420,0 Total sales 2,350,0 Print Done Riverco Products, a wholesaler of fishing equipment, budgeted the following sales for the indicated months: (Click the icon to view the sales budget.) All merchandise is marked up to sell at its invoice cost plus 25%. Target merchandise inventories at the beginning of each month are 30% of that month's projected cost of goods sold. Requirements 1. Compute the budgeted cost of goods sold for the month of June 20X8. 2. Compute the budgeted merchandise purchases for July 20X8. Data table 5531 5553 The budgeted cost of goods sold for the month of June 20X8 is $1600000. Requirement 2. Compute the budgeted merchandise purchases for July 20X8. Use the following table to compute the budgeted merchandise purchases for Ju July Merchandise Purchases Desired ending inventory Plus: Cost of goods sold Total merchandise needed Less: Beginning inventory Required purchases June 20X8 July 20X8 Sales on account Cash sales $ 1,760,000 $ 240,000 2,000,000 $ 1,930,000 $ August 20X8 1,930,0 332,500 2,262,500 $ 420,0 Total sales 2,350,0 Print Done
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Related Book For
Management Accounting
ISBN: 978-0132570848
6th Canadian edition
Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu
Posted Date:
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