The records of Oriole's Boutique report the following data for the month of April. Sales revenue $101,000 Purchases (at cost) $45,800 Sales returns 1,800 Purchases (at sales price) 91,400 Markups 11,000 Purchase returns (at cost) 1,800 Markup cancellations 1,500 Purchase returns (at sales price) 2,700 Markdowns 9,900 Beginning inventory (at cost) 31,280 Markdown cancellations 2,600 Beginning inventory (at sales price) 50,800 Freight on purchases 2,200
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- Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?Novak Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 440 @ $7.50 April 5 640 4 740 @ 7.70 12 540 11 640 @ 8.00 27 1,480 18 540 @ 8.00 28 150 26 940 @ 8.40 30 540 @ 8.70 (a1) Your Answer Correct Answer Correct answer iconYour answer is correct. Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit $ eTextbook and Media Solution Attempts: 3 of 3 used (a2) Your Answer Correct Answer (Used) Partially correct answer iconYour answer is partially correct. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1)…Following are the details of spending pattern for a customer. Calculate the customer's past customer value based on a discount rate of 1.25% per month. January February March Purchase Amount 800 50 50 ($) Gross Contribution 240 15 15 (GC) O 350 O 290.5 300 O 276. 2
- is this correct? Current Attempt in Progress Your answer is incorrect. The records of Shamrock's Boutique report the following data for the month of April. Sales revenue $183,000 Purchases (at cost) $8,000 Sales returns 4,400 Purchases (at sales price) 187,000 Additional markups 18,200 Purchase returns (at cost) 4,400 Markup cancellations 3,200 Purchase returns (at sales price) 6,500 Markdowns 19,100 Beginning inventory (at cost) 89,500 Markdown cancellations 6,200 Beginning inventory (at sales price) 97,000 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method 61860The following information is from Tejas WindowTint's financial records. Month April May June July Sales $ 72,000 71,000 66,000 88,000 Purchases $ 61,000 60,000 48,000 66,000 Collections from customers are normally 69 percent in the month of sale, 19 percent in the month following the sale, and 10 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 1 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $67,000, and sales for August are forecasted at $73,000. Cash disbursements for expenses are expected to be $16,000 for the month of August. The company's cash balance on August 1 was $29,000. Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. Complete this question by entering your answers…Alpha Company makes all its sales on account. Accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided information on sales as follows: Мay $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of May's sales are expected to be uncollectible?
- The records of Sheffield's Boutique report the following data for the month of April. Sales revenue $100,000 Purchases (at cost) $44,600 Sales returns 2,000 Purchases (at sales price) 87,600 Markups 10,900 Purchase returns (at cost) 2,000 Markup cancellations 1,500 Purchase returns (at sales price) 2,900 Markdowns 8,500 Beginning inventory (at cost) 29,200 Markdown cancellations 2,700 Beginning inventory (at sales price) 48,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg. 78% and final answer to 0 decimal places, e.g. 28,987) Ending inventory using conventional retail inventory method $4The records of Pina Colada Menswear report the following data for the month of September: Sales $117,700 Purchases (at cost) $62,200 Sales returns 2,900 Purchases (at sales price) 118,000 Additional markups 11,000 Purchase returns (at cost) 3,300 Markup cancellations 1,800 Purchase returns (at sales price) 4,000 Markdowns 10,000 Beginning inventory (at cost) 33,600 Markdown cancellations 3,300 Beginning inventory (at sales price) 49,400 Freight on purchases 4,000 (a) Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, eg. 15.21% and the final answers to O decimal places, eg. 5,275.) Ending inventory, at retail Ending inventory, at cost $63. Summarized below are the Receipts ad Payments forecasts for the months of July to December 2010 Purchases Wages 4,000 Selling Exp. Months Sales Misc. Exp. 30,000 32,000 4,000 5,000 8,000 July August September 16,000 18,000 15,000 2,000 7,000 34,000 30,000 26,000 30,000 3,000 17,000 18,000 16,000 3,000 2,000 4,000 4,000 3,000 4,000 3,000 9,000 6,000 8,000 9,000 October November December You are given the following further information: 1. Machinery costing Rs. 20,000 is due for delivery in Dec. payable 10% on delivery and balance after three months. 2. Advance income tax in Nov. Rs. 3,000. 3. Period of credit allowed: (i) By suppliers 2 months and (ii) To customers 1 month. 4. Lag of payments of wages – 12 month. 5. Lag of payment of selling expenses 1 month. You are required to prepare a cash budget for four months starting on 1 September 2010 when there was cash balance of Rs. 10,000.
- 1. DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory 500 $40 $20,000 Purchased Apr. 30 600 45 27,000 Purchased Aug. 15 650 40 26,000 Purchased Dec. 10 700 35 24,500 Totals (goods available) 2,450 97,500 Ending Inventory 550 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using…The records of Ellen’s Boutique report the following data for the month of April. Sales revenue $99,000 Purchases (at cost) $48,000 Sales returns 2,000 Purchases (at sales price) 88,000 Markups 10,000 Purchase returns (at cost) 2,000 Markup cancellations 1,500 Purchase returns (at sales price) 3,000 Markdowns 9,300 Beginning inventory (at cost) 30,000 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,500 Freight on purchases 2,400 Instructions Compute the ending inventory by the conventional retail inventory method. The records of Ellen’s Boutique report the following data for the month of April. Sales revenue $99,000 Purchases (at cost) $48,000 Sales returns 2,000 Purchases (at sales price) 88,000 Markups 10,000 Purchase returns (at cost) 2,000 Markup cancellations 1,500 Purchase returns (at sales price) 3,000 Markdowns 9,300…Accounting The men's dress shirt department has been given the following information to use in developing a merchandise plan for the fall-winter season: Planned net sales $566,000 Operating expenses 35.8% Planned profit Markdowns 15.2% Cash Discounts 2.6% a.) Determine the initial markup % b.) Calculate the gross margin % 4.0%
