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Author Question: Christy Enterprises reports the year-end information from 2018 as follows: Sales (100,000 ... (Read 164 times)

AEWBW

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on: Mar 6, 2021

Question 1

When administered wisely, budgets promote communication and coordination among the various subunits of the organization.
◦ true
◦ false

Question 2

Christy Enterprises reports the year-end information from 2018 as follows: 

Sales (100,000 units)$500,000
Less: Cost of goods sold300,000
Gross profit200,000
Operating expenses (includes $20,000 of Depreciation)120,000
Net income$ 80,000

Christy is developing the 2019 budget. In 2019 the company would like to increase selling prices by 10%, and as a result expects a decrease in sales volume of 5%. Cost of goods sold as a percentage of sales is expected to increase to 62%. Other than depreciation, all operating costs are variable. 

Required: 
Prepare a budgeted income statement for 2019.
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by AEWBW on Mar 6, 2021

mochi09

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Reply #1 on: Mar 6, 2021
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AEWBW

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Reply 2 on: Mar 6, 2021
Thanks for the timely response, appreciate it

meow1234

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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