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Operating budget for flockhart corporation

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Reference no: EM13856494

The following information pertains to the October operating budget for Flockhart Corporation. Budgeted sales for October $100,000 and November $200,000.

  • Collections for sales are 60% in the month of sale and 40% the next month.
  • Gross margin is 30% of sales.
  • Administrative costs are $10,000 each month. Beginning accounts receivable (October 1) $20,000. Beginning inventory (October 1) $14,000.
  • Beginning accounts payable (October 1) $60,000. (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).
  • No loans are outstanding on October 1

At the end of October, budgeted accounts receivable is:

  • $40,000.
  • $60,000.
  • $20,000.
  • None of the above is correct.

Reference no: EM13856494

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