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Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 117 times)

ss2343

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

∙Budgeted sales for January $203,000 and February $101,000.
∙Collections for sales are 60% in the month of sale and 40% the next month.
∙Gross margin is 25% of sales.
∙Administrative costs are $20,000 each month.
∙Beginning accounts receivable is $28,000.
∙Beginning inventory is $19,000.
∙Beginning accounts payable is $75,000. (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).
For January, budgeted net income is ________.
◦ $50,750
◦ $30,750
◦ $101,800
◦ $61,200
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by ss2343 on Mar 6, 2021

wergv

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Reply #1 on: Mar 6, 2021
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ss2343

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Reply 2 on: Mar 6, 2021
Excellent

amynguyen1221

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Reply 3 on: Yesterday
Wow, this really help

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