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Author Question: Senegalese Specialties, a retailer of West African food products, has completed the following sales ... (Read 117 times)

agstelzer01

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on: Feb 5, 2023
Senegalese Specialties, a retailer of West African food products, has completed the following sales forecast for the coming year:

January$37,000July$38,000
February38,000August37,000
March32,000September33,000
April40,000October40,000
May36,000November48,000
June31,000December52,000

Senegalese Specialties maintains an ending inventory level of 60 percent of the following month's cost of goods sold. The company's cost of goods sold is 35 percent of sales.

Required:

a.Prepare Senegalese Specialties purchases budget for June and July. Omit the heading.
Use the following format:

​Budgeted sales dollars
×Cost of goods sold percentage
=Cost of goods sold
+Ending inventory
=Total inventory required
-Beginning inventory
=Budgeted purchases

b.Assuming that Senegalese Specialties pays for 50 percent of its purchases in the
month of purchase and the remaining 50 percent in the month following the purchase, prepare the company's cash payments budget for July. Omit the heading.
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by agstelzer01 on Feb 5, 2023

bleep bloop

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Reply #1 on: Feb 5, 2023
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agstelzer01

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Reply 2 on: Feb 5, 2023
Excellent

amit

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Reply 3 on: Yesterday
:D TYSM

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