Merchandise inventory on october

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Reference no: EM13918904

The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information:

• Sales at $450,000, all for cash.

• Merchandise inventory on October 31 was $200,000.

• The cash balance November 1 was $18,000.

• Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.

• Budgeted depreciation for November is $25,000.

• The planned merchandise inventory on November 30 is $230,000.

• The cost of goods sold is 70% of the selling price.

• All purchases are paid for in cash.

• There is no interest expense or income tax expense. The budgeted cash receipts for November.

Reference no: EM13918904

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