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GuDViN [60]
3 years ago
9

The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $510,000 Sales 567,

933 Purchases 294,820 Ending Inventory* 10% Administrative Salaries 50,360 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,400 Depreciation Expense 1,000 Utilities 2,600 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales $fill in the blank 2 567,933 Cost of Goods Sold Beginning Inventory $fill in the blank 4 0 Purchases fill in the blank 6 294,820 Cost of Goods Available for Sale $fill in the blank 8 294,820 Ending Inventory fill in the blank 10 29,482 Cost of Goods Sold $fill in the blank 12 265,338 Gross Profit fill in the blank 14 302,595 Operating Expenses $fill in the blank 16 fill in the blank 18 fill in the blank 20 fill in the blank 22 fill in the blank 24 fill in the blank 26 Total Operating Expenses $fill in the blank 27 $fill in the blank 29 fill in the blank 31 $fill in the blank 33
Business
1 answer:
sergeinik [125]3 years ago
5 0

Answer:

Italian Exports, Inc.

Italian Exports, Inc.

Budgeted Income Statement

For the Month Ending Mar. 31, 2020

Sales                                              $ 567,933

Cost of Goods Sold

Beginning Inventory                      $0

Purchases                                        294,820

Cost of Goods Available for Sale $294,820

Ending Inventory (10%)                      29,482

Cost of Goods Sold                      $265,338

Gross Profit                                     302,595

Operating Expenses:

Marketing Expense (5%) 25,500

Sales Commissions (2%)  11,359

Rent Expense                    7,400

Depreciation Expense       1,000

Utilities                              2,600

Total Operating Expenses            $47,859

Operating income                       $254,736

Taxes (15% of next month sales)     84,150

Net Income                                   $170,586

Explanation:

a) Data and Calculations:

Estimated Sales $510,000

Sales 567,933

Purchases 294,820

Ending Inventory* 10%

Administrative Salaries 50,360

Marketing Expense** 5% of $510,000 = $25,500

Sales Commissions 2% of $567,933 = $11,359

Rent Expense 7,400

Depreciation Expense 1,000

Utilities 2,600

Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes

Estimated sales next month = $561,000 (1.1 * $510,000)

Taxes = $84,150 (15% of $561,000)

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Vaughn Company's inventory records show the following data: Units Unit Cost Inventory, January 1 11000 $8.80 Purchases: June 18
blsea [12.9K]

Answer:

Vaughn Company

The weighted-average cost per unit is

= $8.04

Explanation:

a) Data and Calculations:

                                  Units    Unit Cost  Total

Inventory, January 1 11,000    $8.80     $96,800

Purchases: June 18  5,000      8.00       40,000

November 8             4,000      6.00       24,000

Total                       20,000                 $160,800

The weighted-average cost per unit = $8.04 ($160,800/20,000)

b) The weighted average method of recording inventory adds up the total units and costs of beginning and current period purchased or manufactured inventory.  The total costs are divided by the total units to obtain the weighted-average cost per unit.

3 0
2 years ago
Morrow City Inc. manufactures small flash drives and is considering raising the price by 75 cents a unit for the coming year. Wi
JulsSmile [24]

Answer:

Operating profit is projected to be $35,100

Explanation:

                 Morrow City International

Analysis of the Current and Projected demand to determine the Operating Profit

Particulars         Current       Projected     Changes in

                           Demand      Demand       Demand        

Selling price          $8.50           $9.25            0.75

Less: Cost Price    $5.80           $5.80            0

Contribution           $2.7             $3.45            0.75

Margin

Unit Sold                <u>79,000        72,000        -7000</u>

Total                       $213,300     $248,400   $35,100

Contribution

Note: Total contribution = Unit sold * Contribution margin

3 0
3 years ago
Robert has taken up cycling as a hobby and as a way to maintain his physical fitness. He wants to buy a hydration system since h
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Answer: B

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Explanation:

The  various stages  which consumers go through when they are considering a purchase are as follows:

Problem or need recognition  , Information search , Evaluation of alternatives , Purchase , Post-purchase behavior

Evaluation of alternatives is the third stage in the Consumer Buying Decision process.  In this stage, the consumers evaluate all their options based on the attributes  of the products  which  is capable of  delivering  the benefit/ satisfaction that the consumer intends to get. Comparing the products (i.e different brands of products that is capable of satisfying  the consumer needs),   shows the alternatives being considered by consumers during the problem-solving process.

Therefore Robert, trying to choose between  : Waterbags for Roadies, Supertanker Hydropacks, and Fast Water is in the stage of   Evaluation of alternatives stage. Therefore the answer is B

6 0
3 years ago
Action verbs you might use on a job application
kirill [66]
Accomplished, Achieved, Active in, Awarded, Assisted, Broadened, Built, Chaired, Championed, Completed, Delegated, Distinguished, Enacted, Enhanced, Facilitated, Formulated, Graduated, Granted, Handled, Helped, Implemented, Improved, Increased, Initiated, Joined, Kept, Led, Licensed, Managed, Mastered, Navigated, Netted, Obtained, Outlined, Performed, Placed, Qualified, Received, Recorded, Secured, Served, Taught, Trained, Understudied, Undertook, Verified, Volunteered, Widened, Worked.

Hope these help!!!




4 0
3 years ago
You want to be a millionaire when you retire in 35 years. a. How much do you have to save each month if you can earn an annual r
expeople1 [14]

Answer:

Monthly deposit= $164.24

Explanation:

Giving the following information:

Future value= $1,000,000

Interest rate= 0.118/12= 0.00983

Number of periods= 35*12= 420 months

<u>To calculate the monthly deposit, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (1,000,000*0.00983) / [(1.00983^420) - 1]

A= $164.24

7 0
3 years ago
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