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Author Question: The following information pertains to the January operating budget for Murphy Corporation, a ... (Read 87 times)

KimWrice

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on: Mar 6, 2021
The following information pertains to the January operating budget for Murphy Corporation, a retailer:

 Budgeted sales are $208,000 for January
 Collections of sales are 60% in the month of sale and 40% the next month
 Cost of goods sold averages 64% of sales
 Merchandise purchases total $154,000 in January
 Marketing costs are $3,600 each month
 Distribution costs are $5,000 each month
 Administrative costs are $10,500 each month

For January, budgeted gross margin is ________.
◦ $124,800
◦ $133,120
◦ $74,880
◦ $54,000
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by KimWrice on Mar 6, 2021

fraziera112

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Reply #1 on: Mar 6, 2021
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KimWrice

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Reply 2 on: Mar 6, 2021
Great answer, keep it coming :)

amynguyen1221

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Reply 3 on: Yesterday
Excellent

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