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What the july ending balance of cash is

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Reference no: EM132529471

Omaha Furniture Mart has the following information:

Month                         Budgeted Sales

June                           $68,000

July                              72,000

August                        80,000

September                  76,000

October                       80,000

The cost of merchandise sold is 60% of sales and the desired ending inventory level is 25% of next month's cost of merchandise sold.

Question 1 : All sales are on credit. 70% of sales is collected in the month of sale and the remaining 30% in the next month. All purchases are paid for in the month of purchase. Cash operating expenses amount to 20% of sales. The July starting balance for cash is $12,000. The July ending balance of cash is:

Option 1: $26,400

Option 2: $12,000

Option 3: $19,000

Option 4: $24,000

Option 5: $38,400

Reference no: EM132529471

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