Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 148 times)

bucstennis@aim.com · **on:** Mar 6, 2021

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

∙	Budgeted sales for January $209,000 and February $108,000.

∙	Collections for sales are 50% in the month of sale and 50% the next month.

∙	Gross margin is 30% of sales.

∙	Administrative costs are $13,000 each month.

∙	Beginning accounts receivable is $28,000.

∙	Beginning inventory is $16,000.

∙	Beginning accounts payable is $70,000. (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 cash payments for purchases are ________.
◦ $108,000
◦ $75,600
◦ $70,000
◦ $49,700

vickybb89 · **Reply #1 on:** Mar 6, 2021

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