14) is a hard one 9) Janeway Corporation desires a December 31 ending inventory

Question

14) is a hard one

9) Janeway Corporation desires a December 31 ending inventory of 1,500 units. Budgeted sales for9 December are 2,300 units. The November 30 inventory was 850 units. What are budgeted purchases in units? A) 2,950 Bh3,150 C) 2,350 D) 3,800 10) 10) Griffith Company has budgeted purchases of inventory for December of $105,000. Expected beginning inventory on December 1 and ending inventory on December 31 are $120,000 and $129,000, respectively. If cost of goods sold averages 75% of sales, what are budgeted sales for December? A) $152,999 B) $114,000 C) $120,00 D) $128,000 11) Hogan's management has forecasted sales of 50,000 units and ending finished goods inventory of 11) 10,000 units for the upcoming year. How many units is Hogan planning to produce next year? A) 60,000 B) 30,000 C) 40,000 D) 50,000 12) A department store has budgeted cost of sales of $36,000 for its men's suits in March. Management 12) also wants to have $15,000 of men's suits in inventory at the end of March to prepare for the summer season. Beginning inventory of men's suits for March is expected to be $9,000. What dolla amount of men's suits should be purchased in March? A) $60,000 B) $45,000 C) $51,000 13) 13) Norton Company prepared the following a Month les $200,000 $180,000 $220,000 $260,000 May ne The expected gross profit rate is 40% and the inventory at the end of February was S36,000. Desired inventory levels at the end of the month are30% of the next month's cost of goods sold. What is the desired cost of goods sold for May? A) $43,200 B) $72,000 C) $144,000 D) $132,000 14) 14) Whitaker Company budgets payroll at $3,000 per month plus a percentage of monthly sales. The June operating expense budget includes total payroll of $10,500 with budgeted sales of $150,000. Sales for July are budgeted at $165,000, while purchases of inventory for July are budgeted at $85,000. Depreciation and insurance for July are estimated at 5750 and $500, respectively. Expenses related to purchasing inventory are budgeted at 5% of purchases for the month. The purchase of $3,000 in equipment and $1,200 in furniture is expected in July. The July payroll should be budgeted at what amount? A) $14,550 B) $11,250 C) $8.250 D) $11,550

Explanation / Answer

9. Answer is A.

Working:

10.Answer is D

Working:

11. Answer is A

Budgeted Sales = 50,000

Budgeted Ending inventory = 10,000

Budgeted production = 60,000

12. Budgeted purchases = $42,000

Working:

  

13. Answer is D

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14. Answer is B.

Working:

Budgeted Sales for December 2300 Plus: Desired Inventory on December 31 1500 Total 3800 Less: Inventory on November 30 850 Budgeted purchase units 2950

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