User Account

All Pages

Compute the budgeted merchandise purchases for june round

Assignment Help Accounting Basics
Reference no: EM13572917

In May 2014, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.

1.
Expected sales: June $529,900, July $627,900.
2.
Cost of goods sold is expected to be 75% of sales.
3.
Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold.
4.
The beginning inventory at June 1 will be the desired amount.

(a) Compute the budgeted merchandise purchases for June. (Round answers to the nearest whole dollar, e.g. 5,275.)

GRAND STORES
Merchandise Purchases Budget
For the Month Ending June 30, 2014



(b) Prepare the budgeted income statement for June through gross profit.

GRAND STORES
Budgeted Income Statement
For the Month Ending June 30, 2014

Sales

$pixel.gif

Cost of goods sold

pixel.gif

Gross profit

$pixel.gif

Reference no: EM13572917

Questions Cloud

When resisto systems inc was formed the company was : when resisto systems inc. was formed the company was authorized to issue 5000 shares of 100 par value 8 percent
What is the maximum price that bronson company should be : bronson company manufactures a variety of ballpoint pens. the company has just received an offer from an outside
Its dividend growth rate is expected to be constant at 1800 : the upton companys last dividend was 1.75. its dividend growth rate is expected to be constant at 18.00 for 2 years
Breyer company purchased packaging equipment on january 3 : breyer company purchased packaging equipment on january 3 2010 for 101250. the equipment was expected to have a useful
Compute the budgeted merchandise purchases for june round : in may 2014 the budget committee of grand stores assembles the following data in preparation of budgeted merchandise
Write a letter to thank your interviewer and mention that : assume you had a very successful interview at the company and you are very keen to get the job. however now you are
Determine the amount of actual bad debt write-offs made : aldos financial statements for the 2010 and 2009 fiscal years contained the following informationbalance sheets in
Portland companys ironton plant produces precast ingots : portland companys ironton plant produces precast ingots for industrial use. carlos santiago who was recently appointed
The rapid proliferation of the world wide web web has seen : assignment technology driven marketingthe rapid proliferation of the world wide web web has seen the emergence of a

Reviews

Write a Review

Accounting Basics Questions & Answers

  What other roles do accountants play in organizations

What would be the appropriate level of involvement of an accountant in evaluating and selecting an AIS vendor and the AIS itself? What are some of the contributions an accountant might offer in this process?

  What is operating profit

A firm operate at 90% of capacity for the past year, during which fixed costs were $320,000, variable costs were 60% of sales and sales were $1,000,000. What is operating profit was?

  Equivalent units in process for direct materials

Determine the equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory.

  Prepare a retained earnings statement for the year ended

a.prepare a multiple-step income statement for the year ended december 31 2014 concluding with earnings per share. in

  The treasury stock purchased in above question was resold

chen inc. purchases 1000 shares of its own previously issued 5 per common stock for 12000. assuming the shares are held

  Determining balance after adjustments

Using the percentage of net sales method. uncollectible accounts expense for the year is $54000, balance of allowance for uncollectible is 18000 creedit befor adjustments what is the balance after adjustments?

  Show how high performance would report receivables

Show how High Performance would report receivables on its balance sheet after all entries have been posted.

  The company is currently producing 40000 units per month a

consider the following information prepared based on a monthly capacity of 50000 unitscategorycost per unitvariable

  Billing section of a mobile phone company

A manager in the billing section of a mobile phone company checks on the proportion of customers who are paying their bills late. Company policy dictates that this portion should not exceed 20 percent.

  Assuming a constant mix of 3 units of small for every 1

assuming a constant mix of 3 units of small for every 1 unit of large. small large total sales 20 30 vc 14 18 total

  Prepare cash flowsfrom operating activities section

The net income reported on the income statement for thecurrent year was $167,900. Prepare the cash flowsfrom operating activities section of the statement ofcash flows, using the indirect method.

  A program is considered major or nonmajor

A program is considered major or nonmajor

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd