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Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 80 times)

geoffrey

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on: Mar 6, 2021
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
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by geoffrey on Mar 6, 2021

IRincones

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Reply #1 on: Mar 6, 2021
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geoffrey

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Reply 2 on: Mar 6, 2021
:D TYSM

DylanD1323

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Reply 3 on: Yesterday
Wow, this really help

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