Reference no: EM132957473
Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:
- Sales are budgeted at $350,000 for November, $330,000 for December, and $320,000 for January.
- Collections are expected to be 45% in the month of sale and 55% in the month following the sale.
- The cost of goods sold is 75% of sales.
- The company would like to maintain ending merchandise inventories equal to 80% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
- Other monthly expenses to be paid in cash are $24,100.
- Monthly depreciation is $15,100.
Ignore taxes.
Balance Sheet
October 31 Assets
Cash $20,100
Accounts receivable 70,100
Merchandise inventory 210,000
Property, plant and equipment, net of $572,100
Accumulated depreciation 1,094,100
Total assets $1,394,300
Liabilities and Stockholders'
Equity Accounts payable $254,100
Common stock 820,100
Retained earnings 320,100
Total liabilities and stockholders' equity $1,394,300
Problem 1: The cost of December merchandise purchases would be
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