Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 7.00

Go Sports

Representatives of the various departments of Go Sports have assembled the following data. As the business manager, you must prepare the budgeted income statements for August and September 20X7. a. Sales in July were $196,000. You forecast that monthly sales will increase 3% in August and 2% in September.

b. Go Sports tries to maintain inventory of $50,000 plus 20% of sales budgeted for the following month. Monthly purchases average 60% of sales. Actual inventory on July 31 is $90,000. Sales budgeted for October are $220,000.

c. Monthly salaries amount to $15,000. Sales commissions equal 6% of sales. Combine salaries and commissions into a single figure.

d. Other monthly expenses are

Prepare Go Sports’ budgeted income statements for August and September. Show cost-of-goods-sold computations. Round all amounts to the nearest $1,000. For example, budgeted August sales are $202,000 ($196,000 × 1.03) and September sales are $206,000 ($202,000 × 1.02).

 

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Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 06:07 PM My Price 7.00

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