Grippers sells its rock-climbing shoes worldwide. Grippers expects to sell 8,500 pairs of shoes for $180 each in January, and 3,500 pairs of shoes for $190 each in February. All sales are cash only. Prepare the Sales Budget for Grippers.
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Question 2. Grippers sells its rock-climbing shoes worldwide. Grippers expects to sell 8,500 pairs of shoes for $180 each in January, and 3,500 pairs of shoes for $190 each in February. All sales are cash only.
Prepare the Sales Budget for Grippers.
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- Question 2 The following information was extracted from the books of Mvula Ltd ( newly formed company that makes metal boxes). 1. At the start of January Mvula Ltd will have R150 000 cash in the current accoun 2. The Budgeted Sales figures is as follows: January February March Sales R300 000 R400 000 R550 000 These figures are based on orders that customers have already placed with the company after considerable work by the sales team. In order to secure the orders the sales team negotiated payment terms with the customers. Only 10% of customers agreed to pay immediately for the metal boxes. Of the remaining customers, 60% agreed to pay after one month and 40% after two months. Within the metal box industry it is known that 2% of credit customers never pay (because they go out of business or dispute the invoices ) the metal box company has made the decision to reduce the budgeted cash inflow from the credit customers who should pay after two…Question 1 Green Enterprises Ltd is preparing to set up a new business on the first of January 2021 to manufacture a single product. Below is the sales budget for the company for the first 6 months of 2021. Sales Budget January February March April May June Sales Unit 8 000 8 500 10 000 11 000 11 500 10 500 Sales Revenue 240 000 255 000 300 000 330 000 345 000 315 000 Additional Information; The Cash collections patterns from sales is expected to be as follows: Cash Customers 30% of sales revenue will be for immediate cash Credit Customers 70% of sales revenue will be from credit customers. These debtors will pay their bills, 50% in the month after sales and the reminder in the second month after sales. Stocks of finished goods are maintained 60% of the following months sales requirement, and the budgeted…Question 1 Green Enterprises Ltd is preparing to set up a new business on the first of January 2021 to manufacture a single product. Below is the sales budget for the company for the first 6 months of 2021. Sales Budget January February March April May June Sales Unit 8 000 8 500 10 000 11 000 11 500 10 500 Sales Revenue 240 000 255 000 300 000 330 000 345 000 315 000 Additional Information; The Cash collections patterns from sales is expected to be as follows: Cash Customers 30% of sales revenue will be for immediate cash Credit Customers 70% of sales revenue will be from credit customers. These debtors will pay their bills, 50% in the month after sales and the reminder in the second month after sales. Stocks of finished goods are maintained 60% of the following months sales requirement, and the budgeted…
- Earthie’s Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June? Group of answer choices $49,500 $90,000 $75,000 $85,613Belvedere Bricks manufactures bricks for the construction industry. It estimates that in June, it will sell 70,000 bricks at a retail price of $6.40 per brick. All sales are cash sales. Each brick costs $4.40 to produce. In addition, Belvedere Bricks estimates it will pay in cash $19,000 of general and administrative expenses. The opening cash balance on 1 June is $48,000.Calculate the ending cash balance for Belvedere Brick's cash budget for the month of June. Group of answer choices $121,000 $73,000 $140,000 $169,000 None of the other optionsGarnett Co. expects to purchase $180,000 of materials in July and $210,000 of materials in August. Three-fourths of all purchases are paid for in the month of purchase, and the other one-fourth are paid for in the month following the month of purchase. How much will August's cash disbursements for materials purchases be? Group of answer choices $210,000 $157,500 $202,500 $135,000
- Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budgeted unit sales 34,000 54,000 27,000 54,000 Each T-shirt is expected to sell for $18. The purchasing manager buys the T-shirts for $7 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 28 percent of the next quarter’s sales demand. Selling and administrative expenses are budgeted at $68,000 per quarter plus 14 percent of total sales revenue. Required:. Determine budgeted cost of merchandise purchased for quarters 1, 2, and 3.. Determine budgeted cost of good sold for quarters 1, 2, and 3.. Determine selling and administrative expenses for quarters 1, 2, and 3.. Complete the budgeted income statement for quarters 1, 2, and 3.Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budgeted unit sales 40,000 60,000 30,000 60,000 Each T-shirt is expected to sell for $15. The purchasing manager buys the T-shirts for $6 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 25 percent of the next quarter’s sales demand. Selling and administrative expenses are budgeted at $80,000 per quarter plus 10 percent of total sales revenue. Required: Determine budgeted sales revenue for each quarter. Determine budgeted cost of merchandise purchased for each quarter. Determine budgeted cost of good sold for each quarter. Determine selling and administrative expense for each quarter. Complete the budgeted income statement for each quarter.Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budgeted unit sales 47,000 74,000 37,000 74,000 Each T-shirt is expected to sell for $22. The purchasing manager buys the T-shirts for $9 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 32 percent of the next quarter’s sales demand. Selling and administrative expenses are budgeted at $94,000 per quarter plus 10 percent of total sales revenue. Required:1.Determine budgeted sales revenue for quarters 1, 2, and 3.2. Determine budgeted cost of merchandise purchased for quarters 1, 2, and 3.3. Determine budgeted cost of good sold for quarters 1, 2, and 3.4. Determine selling and administrative expenses for quarters 1, 2, and 3.5. Complete the budgeted income statement for quarters 1, 2, and…
- Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budgeted unit sales 48,000 76,000 38,000 76,000 Each T-shirt is expected to sell for $23. The purchasing manager buys the T-shirts for $9 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 33 percent of the next quarter’s sales demand. Selling and administrative expenses are budgeted at $96,000 per quarter plus 12 percent of total sales revenue. Required:1. Determine budgeted sales revenue for quarters 1, 2, and 3.2. Determine budgeted cost of merchandise purchased for quarters 1, 2, and 3.3. Determine budgeted cost of good sold for quarters 1, 2, and 3.4. Determine selling and administrative expenses for quarters 1, 2, and 3.5. Complete the budgeted income statement for quarters 1, 2, and…Rhody Co. makes bracelets. The company's sales budget for the first six months is given below: Q1 Q2 January February March April May June 50,000 100,000 200,000 200,000 400,000 300,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 50% are collected in the month following sale, and the remaining 25 % are collected in the second month following sale. Bad debts are negliable and can be ignored. How much does this company expect to collect in his second quarter?5. Missy Inc. is planning to purchase inventory for resale costing P90,000 in October, P70,000 in November, and P40,000 in December. The company pays 40% of its purchases in the month of purchase and 60% in the month following purchase. What would be budgeted cash disbursements for purchases of inventory in December? P40,000 P70,000 P58,000 P20,000