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liq [111]
3 years ago
7

Cool Logos buys​ logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $ 2 comma 003 c

omma 000 in​ September, $ 2 comma 240 comma 000 in​ October, $ 2 comma 378 comma 000 in​ November, and $ 2 comma 520 comma 000 in December. Cool Logos sets its prices to earn an average 30​% gross profit on sales revenue. The company does not want inventory to fall below $ 420 comma 000 plus 20​% of the next​ month's cost of goods sold. Prepare a cost of goods​ sold, inventory, and purchases budget for the months of October and November. Cool Logos Cost of Goods Sold, Inventory, and Purchases Budget For the Months of October and November October November Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases
Business
1 answer:
Scrat [10]3 years ago
6 0

Answer:

<u>Cost of Goods Sold Budget</u>

                                                  October             November      

Cost of Goods Sold                $1,568,000          $1,664,600    

<u>Inventory Budget</u>

                                                  October              November

Total                                         $752,920            $772,800

<u>Purchase Budget</u>

                                                 October                November

Budgeted Purchases           $2,259,320            $2,397,880

Explanation:

<u>Cost of Goods Sold Budget</u>

Gross Profit Margin = 30% therefore Markup is 70%

                                                  October             November       December  

Sales                                       $2,240,000         $2,378,000     $2,520,000

Cost of Goods Sold (70%)     $1,568,000          $1,664,600      $1,764, 000

<u>Inventory Budget</u>

                                                  October                       November

Base Amount                          $420,000                       $420,000

Based on Sales (20%)            $332,920                        $352,800

Total                                         $752,920                       $772,800

<u>Purchase Budget</u>

                                                               October                       November

Budgeted Sales                                    $2,240,000                $2,378,000

Add Budgeted Closing Inventory           $752,920                   $772,800

Total Purchases Needed                     $2,992,920                 $3,150,800

Less Budgeted Opening Inventory       ($733,600)                 ($752,920)

Budgeted Purchases                            $2,259,320                $2,397,880

September Closing Stock is October`s Opening Stock

Therefore September Closing Stock = $420,000 + $1,568,000 × 20%

                                                             = $733,600

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In this situation, the male employees are individual members of an organization that are engaged in a conflict because of their
N76 [4]

Answer:

<u>Interpersonal </u>

Explanation:

When a conflict arises between individual members of an organization owing to differences in goals and values, such a conflict is referred to as interpersonal conflict.

As the word interpersonal suggests, inter i.e between and personal i.e person to person conflict, interpersonal conflict arises when the goals and values of individuals differ owing to which disagreements arise.

Goals and values may differ owing to several factors. Individual values are an outcome of an individuals own conscience and judgement apart from the society, an individual belongs to.

Such a situation is undesirable as it disrupts the coordination among employees and at the same time creates an atmosphere which is non conducive.

8 0
3 years ago
A characteristic found only in oligopolies is products that are slightly different. interdependence of firms. break even level o
Delvig [45]

Answer:

The correct answer is the interdependence of firms.  

Explanation:

An oligopoly market is a market structure where there are a few firms. these firms are interdependent. Price and output decisions of a firm affect its rivals. An oligopoly firm faces a downward-sloping demand curve.  

In other market structures like monopolistic or perfect competition, the firms are not interdependent.

7 0
3 years ago
You want to buy a car. Your parents will pay for half of the car if you save enough money for the other half. You have chosen th
Tema [17]

Answer: 12 months

Explanation:

Let's assume I want to get a 2007 Volkswagen Jetta $12,000, which has a very good review. I'll need to save for 12months to get $6000 then add $6000 which would be given to me by my parents, at the end of 12months I would be able to get the 2007 Volkswagen Jetta which goes for $12,000.

4 0
3 years ago
People go to the bank more frequently to reduce currency holdings when inflation is high. The sacrifice of time and convenience
IrinaK [193]

Answer:

c. shoe leather cost.

Explanation:

During times of high inflation, interest rates usually go up. Money in the banks earns higher interest compared to when inflation is low. When the inflation rate is high, the prices of goods and services increase rapidly, resulting in a reduction in currency's purchasing power.

Individuals and firms opt to keep as little cash in hand as possible. Holding a lot of cash at such times is not prudent as banks offer high-interest rates. Keeping cash become costly due to currency depreciation. As firms and households keep most of the money in banks, they incur a lot of transport costs and time going to banks to withdraw cash for normal expenses. The time and transport costs incurred are referred to as shoe leather costs.

6 0
3 years ago
On June 30, 20X5, Huff Corp. issued at 99, 1000 of its 8%, $1,000 bonds. The bonds were issued through an underwriter to whom Hu
Stels [109]

Answer:

$1,000,000

Explanation:

The Bond Issued less than its face value is issued on the discount. This discount is recorded and amortized until the maturity of bond.

Discount on the Bond = Face value - Issuance value = ($1,000 x 1,000) - ($1,000 x 1,000) x 99% = $1,000,000 - $990,000 = $10,000

Journal Entry

Dr.  Cash                        $990,000

Dr.  Discount on Bond  $10,000

Cr. Bond Payable          $1,000,000

Bond Liability on June 30, 20x5 is $1,000,000.

4 0
3 years ago
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