Author Question: Listed below are elements of the master budget. Determine whether each budget is an operating budget ... (Read 154 times)

geodog55 · **on:** Mar 6, 2021

Question 1

Favata Company has the following information:

Month

Budgeted Sales

June

$60,000

July

51,000

August

40,000

September

70,000

October

72,000

In addition, the cost of goods sold rate is 70% and the desired inventory level is 30% of next month's cost of sales.

Required:
Prepare a purchases budget for July through September.

Question 2

Listed below are elements of the master budget. Determine whether each budget is an operating budget or a financial budget. Place an O for operating budget or F for a financial budget.

1.	Capital expenditures budget

2.	Cost of goods sold budget

3.	Revenues budget

4.	Budgeted statement of cash flows

5.	Distribution costs budget

6.	Marketing costs budget

7.	Cash budget

8.	Direct materials cost budget

9.	Budgeted balance sheet

10.	Budgeted income statement

harveenkau8139 · **Reply #1 on:** Mar 6, 2021

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