Mimosa, Inc., a merchandising company, has the following budgeted figures: JanFebMarAprilSales$54,900$63,000$88,000$94,000Cost of goods sold60% of sales Required ending inventory$20,000 + 30% of next month's sales Inventory on hand on Jan 1$27,500 Calculate cost of goods sold for the month of February. Mimosa, Inc., a merchandising company, has the following budgeted figures:April$63,000 $88,000 $94,000JanFebMarSales$54,900Cost of goods soldRequired ending inventory $20,000 + 30% of next month's salesInventory on hand on Jan160% of sales$27,500Calculate cost of goods sold for the month of February.O A. $18,900O B. $32,940OC. $44,340O D. $37,800

Cost of goods manufactured means the cost incurred for manufacturing the finished product. Cost of…

Answered: Mimosa, Inc., a merchandising…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 4EB: Rehydrator makes a nutrition additive and expects to sell 3,000 units in January, 2,000 in February,...

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Mimosa, Inc., a merchandising company, has the following budgeted figures:

	Jan	Feb	Mar	April
Sales	$54,900	$63,000	$88,000	$94,000
Cost of goods sold	60% of sales
Required ending inventory	$20,000 + 30% of next month's sales
Inventory on hand on Jan 1	$27,500

Calculate cost of goods sold for the month of February.

Mimosa, Inc., a merchandising company, has the following budgeted figures:
April
$63,000 $88,000 $94,000
Jan
Feb
Mar
Sales
$54,900
Cost of goods sold
Required ending inventory $20,000 + 30% of next month's sales
Inventory on hand on Jan
1
60% of sales
$27,500
Calculate cost of goods sold for the month of February.
O A. $18,900
O B. $32,940
OC. $44,340
O D. $37,800

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