Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Me ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $82,000. All pur on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purch Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases Based on this information the total cash paid in March to settle accounts payable is Multiple Choice January February March $46,000 $62,000 $66,000 12,400 $17,300 58,400 (9,200) $49,200
Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Me ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $82,000. All pur on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purch Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases Based on this information the total cash paid in March to settle accounts payable is Multiple Choice January February March $46,000 $62,000 $66,000 12,400 $17,300 58,400 (9,200) $49,200
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 1E: The sales department of Macro Manufacturing Co. has forecast sales for its single product to be...
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