Johnston Bookstore is the bookstore on campus for students and faculty. The bookstoreE9-18A Sales budget for a retail organization (Learning Objective 2)shows the following sales projections in units by quarter for the upcoming yearSchool SuppliesApparelMiscellaneousQuarterBooks1,5702005806901st......2nd8001903305403rd1,7902408808904th670180540440The average price of an item in each of the departments is as follows:Average sales price per unitBooks..$85School suppliesApparel..Miscellaneous.$18$29$ 6RequirementPrepare a sales budget for the upcoming year by quarter for the Johnston Bookstore,with sales categorized by the four product groupings (books, school supplies, apparel,and miscellaneous).

Budget is prepared at the beginning of the period that includes expected revenues and expense.

Answered: Johnston Bookstore is the bookstore on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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All School Logos & More (ASLM) design and manufacture school uniform crests. After production,the crests are placed into individual plastic cases, before being transferred into Finished Goods. Theaccounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniformcrests for Hill Point High School are given below.Inventory 1/10/2021 31/12/2021Raw Materials $72,000 $65,000Work in Progress $138,875 $129,125Finished Goods $149,500 $141,700Other information:Sales Revenue $1,694,950Factory Labour 239,700Raw Materials Purchased 235,000Office Cleaner’s Wages 4,500Factory Supplies Used 23,500Depreciation: Factory Plant & Equipment 32,000Total Utilities 1 118,750Plant Supervisor’s Salary 180,000Design Costs (School Logo) 4,300Packaging Material Cost 35,000Total Insurance 2 60,000Delivery Vehicle Drivers’ Wages 41,250Depreciation: Delivery Vehicle 7,250Property Taxes 3 105,000Administrative Wages & Salaries 123,750Sales Commission 2% of Net Profit…
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All School Logos & More (ASLM) design and manufacture school uniform crests. After production,the crests are placed into individual plastic cases, before being transferred into Finished Goods. Theaccounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniformcrests for Hill Point High School are given below.Inventory 1/10/2021 31/12/2021Raw Materials $72,000 $65,000Work in Progress $138,875 $129,125Finished Goods $149,500 $141,700Other information:Sales Revenue $1,694,950Factory Labour 239,700Raw Materials Purchased 235,000Office Cleaner’s Wages 4,500Factory Supplies Used 23,500Depreciation: Factory Plant & Equipment 32,000Total Utilities 1 118,750Plant Supervisor’s Salary 180,000Design Costs (School Logo) 4,300Packaging Material Cost 35,000Total Insurance 2 60,000Delivery Vehicle Drivers’ Wages 41,250Depreciation: Delivery Vehicle 7,250Property Taxes 3 105,000Administrative Wages & Salaries 123,750Sales Commission 2% of Net Profit…
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