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Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 145 times)

jlmhmf

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on: Mar 6, 2021
The following information pertains to the January operating budget for Casey Corporation.

∙Budgeted sales for January $206,000 and February $109,000.
∙Collections for sales are 50% in the month of sale and 50% the next month.
∙Gross margin is 25% of sales.
∙Administrative costs are $19,000 each month.
∙Beginning accounts receivable is $29,000.
∙Beginning inventory is $14,000.
∙Beginning accounts payable is $74,000. (All from inventory purchases.)
∙Purchases are paid in full the following month.
∙Desired ending inventory is 20% of next month's cost of goods sold (COGS).
At the end of January, budgeted ending inventory is ________.
◦ $5,450
◦ $16,350
◦ $21,800
◦ $30,350
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by jlmhmf on Mar 6, 2021

yasmina

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Reply #1 on: Mar 6, 2021
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jlmhmf

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Reply 2 on: Mar 6, 2021
Excellent

TheDev123

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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