The following information pertains to the January operating ...

[geoffrey]

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

∙	Budgeted sales for January $200,000 and February $107,000.

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

∙	Gross margin is 25% of sales.

∙	Administrative costs are $11,000 each month.

∙	Beginning accounts receivable is $26,000.

∙	Beginning inventory is $15,000.

∙	Beginning accounts payable is $68,000. (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 cost of goods sold is ________.
◦ $200,000
◦ $150,000
◦ $135,000
◦ $72,600

[IRincones]

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[geoffrey]

Great answer, keep it coming

[samiel-sayed]

Thanks for the timely response, appreciate it