Finish the budget Cash sales, 20%Credit sales, 80%Total salesSlate, Inc.Sales BudgetNine Months Ended September 30, 2024Quarter EndedJune 30 September 3038,000 $March 31$$28,000 $112,000140,000 $Cost of goods soldPlus: Desired ending merchandise inventoryTotal merchandise inventory requiredLess: Beginning merchandise inventoryBudgeted purchases152,000190,000 $Slate, Inc.Inventory, Purchases, and Cost of Goods Sold BudgetNine Months Ended September 30, 2024Quarter Ended Quarter EndedMarch 31June 30$56.000$12,60033,000 $$68,600$38,000$30,600132,000165,000 $$76,000$11,600$87,600$12,600$75,000Nine-MonthTotal99,000396,000495,000Quarter EndedSeptember 30$66,000$14,600$80,600$11,600$69,000Nine-MonthTotal$198,000 Slate, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months endedSeptember 30, 2024, follow:(Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget)Variable expenses:Commissions ExpenseMiscellaneous ExpensesTotal variable expensesFixed expenses:Rent ExpenseSalaries ExpenseSlate, Inc.Selling and Administrative Expense BudgetNine Months Ended September 30, 2024Depreciation ExpenseTotal fixed expensesTotal selling and administrative expenses$$QuarterEndedMarch 317,000 $2,8009,800 $200040001000700016800QuarterEndedJune 30QuarterEndedSeptember 309,500 $3,80013,300 $2000400010007000203008,250 $3,30011,550 $200040001000700018550CNine-monthTotal24,7509,90034,65060001200030002100055650Slate's selling and administrative expenses include the following:(Click the icon to view the expenses.)Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for thenine-month period.Data tableRent, $2,000 per monthSalaries, $4,000 per monthCommissions, 5% of salesDepreciation, $1,000 per monthMiscellaneous expenses, 2% of salesPrintDone- X

Sales and Administration expense Budget cover all the overheads which are incurred by the Business…

Answered: Prepare a selling and administrative…

Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for the nine-month period

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5P: Selling and administrative expense budget and budgeted income statement Budgeted selling and...

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