Author Question: Copper, Inc.'s intern was preparing the cash budget for May. Copper's beginning inventory was ... (Read 32 times)

Rafic Kaaki · **on:** Feb 5, 2023

Copper, Inc.'s intern was preparing the cash budget for May. Copper's beginning inventory was $12,600 and its ending inventory was $12,000. If cost of goods sold is 55% of sales, what was the amount of budgeted monthly sales (if necessary, round your answer to the nearest dollar)?

Beginning cash balance	$ 1,800
Cash receipts	151,800
Total cash available to spend	153,600
Less disbursements:
Merchandise purchases	133,050
Selling and administrative expenses	27,000
Total cash disbursements	160,050
Cash excess (needed)	(6,450)
Borrowing	7,950
Ending cash balance	$ 1,500

◦ $73,508
◦ $240,818
◦ $350,000
◦ $243,000

kaelamcrone · **Reply #1 on:** Feb 5, 2023

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