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Author Question: The following information pertains to the January operating budget for Casey Corporation. Budgeted ... (Read 144 times)

bucstennis@aim.com

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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


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Marked as best answer by bucstennis@aim.com on Mar 6, 2021

vickybb89

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bucstennis@aim.com

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Reply 2 on: Mar 6, 2021
Excellent


amcvicar

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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