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(Solution Download) Samual Corporation is a small wholesaler of gourmet food products. Data regarding the store's...


 

 

 

 

 

 

 

Samual Corporation is a small wholesaler of gourmet food

 

products. Data regarding the store's operations follow:

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ac??c

 

Sales are budgeted at $440,000 for November, $460,000 for

 

December, and $450,000 for January.

 

Ac??c

 

Collections are expected to be 65% in the month of sale, 34% in

 

the month following the sale, and 1% uncollectible.

 

Ac??cThe cost of goods sold is 80% of

 

sales.

Ac??c

 

The company would like to maintain ending merchandise

 

inventories equal to 70% of the next month's cost of goods sold.

 

Payment for merchandise is made in the month following the

 

purchase.

 

Ac??cOther monthly expenses to be

 

paid in cash are $24,100.

Ac??cMonthly depreciation is

 

$22,000.

Ac??cIgnore taxes.

 

  

 

The cost of December merchandise purchases would be:

 


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