Samual Corporation is a small wholesaler of gourmet food
products. Data regarding the store's operations follow:
Sales are budgeted at $440,000 for November, $460,000 for
December, and $450,000 for January.
Collections are expected to be 65% in the month of sale, 34% in
the month following the sale, and 1% uncollectible.
|Ac??c||The cost of goods sold is 80% of|
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
|Ac??c||Other monthly expenses to be|
paid in cash are $24,100.
|Ac??c||Monthly depreciation is|
The cost of December merchandise purchases would be:
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