Question 15: Calculate the monthly planned sales for August given the following information: % Season's Reductions % Season's Month Sales Planned Net Sales $302,000 August 16 19 Operating Expenses 67.0% September 17 20 Planned Profit 9.2% October 13 22 Cash Discounts 3.4% November 18 17 13.2% December 10 Reductions 5.3 January 14 12 Stock Turnover Your Answer: Answer units
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- Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.Question 1 The marketing department of HASF Corporations has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Q1 Q2 Q3 Q4 total Budgeted units sales ? 10% increase 10 % decrease 16,335 62,685 Budget selling price per unit 18 18 18 ? 18 budgeted sales revenue ? 297,000 ? 294,030 ? Other information Each quarter ending finished goods inventory is 20% of next month units sold. Next year first quarter beginning inventory is 3,000. Each finished units require 3 grams of raw material that cost Rs 3 per unit. Management desired to end each quarter with an inventory of raw material equal to 15% of the current quarter production needs Beginning inventory of raw material in first quarter 3,000 grams FIND UNIT SALES of Q1 Answer format should be like : 10000 donot USE COMMA's or Currency or UNITs. Answer should be plain…Question 1 The firm's average collection period ACP is 39 days. Purchases are 75% of sales and are made a month before the sales month. About 40% of a month's purchases is paid in the same month whereas the remainder is paid in the next month. Assume there are 30 days in a month Feb, 2022 Mar, 2022 Apr, 2022 Sales (RM) 52,000 55,000 54,000 (a)What is the total amount of sales collection in April 2022? (b) What is the total amount of purchase disbursement in March 2022? Question 2 A firm's expected sales in the coming year is RM3.6 million, and the firm's average receivables for the year is RM400,000. The firm is considering factoring the receivables. A factor offers a discount rate of 1.75%% for the firm's receivables. [Assume there are 360 days in a year] (a) How much can the firm obtain from factoring its receivables, and for how long? (b) What is the cost per year to the firm if it factors its receivables continually? (c) if a bank offers a loan for the…
- Statement of comprehensive income for the year ended 31 December 2021Sales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable selling and administrative expenses (1 500 000)Fixed selling and administrative expenses (500 000)Net profit 2 250 000 Additional information:1. The sales budget for 2022 is as follows:First quarter R2 625 000Second quarter R2 750 000Third quarter R2 875 000Fourth quarter R2 750 0002. 90% of the sales is collected in the quarter of the sale and 10% in the quarter following the sale.3. The gross margin ratio for 2022 is expected to be the same as for 2021.4. Inventory is purchased in the quarter of the expected sale. Eighty (80%) of inventory purchases is paid for in thequarter of purchase and twenty percent (20%) is paid for in the quarter following the purchase.5. The inventories balance at the end of each quarter is expected to be the same as the end of the last quarter of2021 viz. R1 600 000.6. Variable selling and administrative expenses will…QUESTION 2 Dash Ltd had actual sales in November of R100 000 and projected sales in December and January of R300 000 and R400 000 respectively. 10% of sales are collected during the month of sale, 40% are collected in the month following the month of sale and the balance is collected two months following the sale. The firm’s total expected receipts in January are ... R 70 000. R108 000. R210 000. R610 000.Abc retailing company prices it's products by adding 30% to its cost.abc anticipates sales of $ 715000 in July. $728000 in August & $ 624000 in September. Abc policy is to have on hand enough inventory at the end of the month to cover 25% of the next month's sales.what will be the cost of the inventory that abc should budget for purchase in August?
- MJ Department Store expects to generate the following sales figures for the next three months: July $480,000 August $560,000 September $600,000 MJ's gross profit (margin) rate is 45% of sales dollars. At the end of each month, MJ wants a merchandise inventory balance equal to 30% of the following month's expected sales, stated at cost. What dollar amount of merchandise inventory should MJ plan to purchase in August? a. $257,400 b. $314,600 c. $320,000 d. $327,80010. Right Answer Company has the following sales forecast for the selected three-month period in 2018. April, P120,000; May, P70,000; June, P80,000. 70% of sales are collected in the month of sale, and the balance are collected in the following month. Accounts receivable balance in April 1, P100,000. Cash balance in April 1, P60,000. Minimum cash balance required is P50,000. Cash can be borrowed in the multiples of P10,000 from local bank (disregard the interest charges). What is the cash balance at the end of April assuming that cash is received only from customers and that P200,000 is the cash out during April? 11.Selected information from the accounting records of Check Answer Co. is as follows: Net accounts receivable at Dec. 31, 2018, P900,000; Net accounts receivable at Dec. 31, 2019, P1,000,000; Inventories at Dec. 31, 2018, P1,100,000; Inventories at Dec. 31, 2019, P1,200,000; Accounts receivable turnover, 5 times; inventory turnover, 4 times. What is Check Answer Company's…A company expects the following sales for the coming year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units 50,000 40,000 70,000 90,000 Average selling price $6 $6 $6 $8 Budgeted sales revenue for the year is: a. $1,050,000. b. $1,260,000. c. $1,155,000. d. $1,680,000. e. It is impossible to tell from this information.
- 18. Assume the company's monthly target profit is $17,000. The dollar sales to attain that target profit is closest to:A. $387,392B. $635,069C. $671,925D. $993,313The marketing department of HASF Corporations has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Q1 Q2 Q3 Q4 total Budgeted units sales ? 10% increase 10 % decrease 16,335 62,685 Budget selling price per unit 18 18 18 ? 18 budgeted sales revenue ? 297,000 ? 294,030 ? Other information Each quarter ending finished goods inventory is 20% of next month units sold. Next year first quarter beginning inventory is 3,000. Each finished units require 3 grams of raw material that cost Rs 3 per unit. Management desired to end each quarter with an inventory of raw material equal to 15% of the current quarter production needs Beginning inventory of raw material in first quarter 3,000 grams Find total cost of raw material purchased in all four Quarters?The marketing department of HASF Corporations has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Q1 Q2 Q3 Q4 total Budgeted units sales ? 10% increase 10 % decrease 16,335 62,685 Budget selling price per unit 18 18 18 ? 18 budgeted sales revenue ? 297,000 ? 294,030 ? Other information Each quarter ending finished goods inventory is 20% of next month units sold. Next year first quarter beginning inventory is 3,000. Each finished units require 3 grams of raw material that cost Rs 3 per unit. Management desired to end each quarter with an inventory of raw material equal to 15% of the current quarter production needs Beginning inventory of raw material in first quarter 3,000 grams