Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 55 times)

daltonest1984 · **on:** Mar 6, 2021

The following information pertains to the January operating budget for Casey Corporation.

∙	Budgeted sales for January $201,000 and February $101,000.

∙	Collections for sales are 40% in the month of sale and 60% the next month.

∙	Gross margin is 25% of sales.

∙	Administrative costs are $13,000 each month.

∙	Beginning accounts receivable is $25,000.

∙	Beginning inventory is $17,000.

∙	Beginning accounts payable is $73,000. (All from inventory purchases.)

∙	Purchases are paid in full the following month.

∙	Desired ending inventory is 25% of next month's cost of goods sold (COGS).

For January, budgeted cash collections are ________.
◦ $201,000
◦ $105,400
◦ $80,400
◦ $25,000

Fayaz00962 · **Reply #1 on:** Mar 6, 2021

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