A menswear department took the following markdowns: 175 shirts from $50 to $37.99 230 pants from $40 to $31.99 Gross sales for the month in the department were $47,404.50 and customer returns were 5%. What were the denartmental markdown percentages for the month? 9.
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- Haab Inc. is a merchandising company. Last month the company's cost of goods sold was $96,000. The company's beginning merchandise inventory was $15,700 and its ending merchandise inventory was $22,500. What was the total amount of the company's merchandise purchases for the month?Haaker Inc. is a merchandising company. last month the company's cost of goods sold was $87,000. The company's beginning merchandise inventory was $21,000 and its ending merchandise inventory was $19,000. What was the total amount of the company's merchandise purchases for the month? $84,000 $126,000 $85,000 $87,000 Show work and calculationLast month a manufacturing company had the following operating results:Beginning finished goods inventory $90 000Ending finished goods inventory $63 000Sales $412 000Gross Profit $62 000 What was the cost of goods manufactured for the month?
- The cost accountant for Sunset Fashions has compiled the following information for last quarter’s operations: Administrative costs $ 212,000 Merchandise inventory, April 1 49,000 Merchandise inventory, June 30 39,500 Merchandise purchases 1,730,000 Miscellaneous store costs 25,000 Sales commissions 136,000 Sales revenue 3,010,000 Store lease 47,000 Utilities 55,500 Transportation-in costs 122,000 Wages and benefits 710,000 Required: Prepare a cost of goods sold statement. Prepare an income statement.Corey’s Campus Store has $4,000 of inventory on hand at the beginning of the month. During themonth, the company buys $41,000 of merchandise and sells merchandise that had cost $30,000. At theend of the month, $13,000 of inventory is on hand. How much shrinkage occurred during the month?20. Andrew, marketing clerk for Shine Agency, recorded the following information for last year: Month Number of Customers Customer Service Costs January 356 $ 527,233 February 417 544,335 March 338 482,655 April 526 668,050 May 400 530,500 June 457 656,910 July 366 543,770 August 495 680,400 September 345 487,230 October 531 712,325 November 443 629,030 December 415 542,000 He would like to be able to estimate customer service costs using the number of customers as the basis for estimation. However, because he has never taken a course in managerial accounting, he does not know how to set up a cost equation. He has therefore approached you for help. Required: 1. Set up a cost equation for monthly customer service costs using the high–low method.
- Ralpha company is selling a product of $35 per unit. The estimated sales in units would be March, April, May, June and July 2,100, 2,400, 3,000, 2,300 and 2,800 units, respectively. A 10% cash discount would be provided in collection from accounts receivable. Collection from receivables normally have the following pattern: 60% in the month of sale, 30% in the month following the sale, and 10% in the second month following the sale. What would be the total collection from accounts receivables in the month of March, April, May, and June? Select one: a. March, $37,000, April $67,600, May $90,000 and June $80,000. b. March, $38,000, April $77,600, May $92,000 and June $81,000. c. March, $39,000, April $67,600, May $88,150 and June $87,570. d. March, $39,690, April $67,410, May $89,250 and June $83,370. e. None of the above.Wright & Boyle Inc. had the following income statement for the month of May: Sales revenue $470,800.00 Cost of goods sold 217,766.40 Gross margin $253,033.60 Less: Selling expenses 86,199.20 Administrative expenses 74,942.80 Operating income $91,891.60 What was the selling expense percent?Home Company will open a new store on January 1. Based on experience from its other retail outlets, Home Company is making the following sales projections:Cash SalesCredit SalesJanuary ...................$70,000$50,000February .................$40,000$60,000March .....................$50,000$70,000April .......................$50,000$90,000Home Company estimates that 80% of the credit sales will be collected in the month following the month of sale, with the balance collected in the second month following the month of sale. IV. Based on these data, the balance in accounts receivable on January 31 will be:V. The March 31 balance in accounts receivable will be: VI. In a cash budget for the month of April, the total cash receipts will be:
- The management of Huges Co. estimates that credit sales for January, February, March and April will be $180,000, $210,000, $230,000, and $160,000,respectively. Experience has shown that collections are made as follows:In month of sale 25%In first month after sale 60%In second month after sale 10% The collections from customers in march is _________? show solutionCloudy Company had the following historical collection pattern for its credit sales:70% collected in the month of sale12% collected in the first month after month of sale10% collected in the second month after month of sale5% collected in the third month after month of sale3% uncollectibleThe sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July $ 92,000 August $ 104,000 September $ 116,000 October $ 128,000 November $ 140,000 December $ 122,000 The estimated cash collection by Cloudy Company during August from July and August credit sales is: Multiple Choice $100,160. $90,880. $102,880. $64,400. $83,840.Bernie Company sells buttons to fabric stores. Sales are expected to be $2,033,181 in January, $2,400,563 in February and $3,032,558 in March. Bernie Company sets their prices so that they earn an average 25% gross profit on sales revenue. What is budgeted cost of goods sold for February? Round your answer to the nearest whole number. Don't enter commas or dollar signs.
