Widden Company, which sells electric razors, had $320,000 of the cost of goods sold during the month of June. The company projects a 9 percent increase in the cost of goods sold during July. The inventory balance as of June 30 is $33,000, and the desired ending inventory balance for July is $34,000. Widden pays cash to settle 75 percent of its purchases on account during the month of purchase and pays the remaining 25 percent in the month following the purchase. The accounts payable balance as of June 30 was $37,000.
A. Determine the amount of purchases budgeted for July?
B. Determine the amount of cash payments budgeted for inventory purchases in July?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Widden Company, which sells electric razors, had $320,000 of the cost of goods sold during the month of June. The company projects a 9 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Mariah Company has inventory at the end of the year with a historical cost of $ 95 comma 000. Mariah Company uses the perpetual inventory system. Under the LCM rule, the current replacement cost is $ 72 comma 600. The company uses LIFO. Under U. S.
Answers (1)
A company did not receive all the items it was invoiced for; the invoice noted a 2% discount if paid in ten days. the company should:
Answers (1)
Who determines whether a corporation will pay dividends to stockholders? A. The board of directors B. The consumers C. The government D. The bondholders
Answers (1)
When paid interest is started as a dollar amount is called
Answers (2)
Sloimekia is able to produce more of a particular variety of cloth than its neighboring countries. Sloimekia and its neighboring countries have the same amount of resources for producing this particular cloth.
Answers (1)
New Questions in Business
On December 31, 2019, Hamilton Inc. sold a used industrial crane for $1,120,000 cash. The original cost of the crane was $5.38 million and its accumulated depreciation equaled $4.39 million on December 31, 2019.
Answers (1)
The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR), cash payments (CP.
Answers (1)
A Company's perpetual preferred stock sells for $102.50 per share, and pays a $9.50 annual dividend. If the company were to issue a new preferred issue, a flotation cost of 4.00% would be paid to the investment bankers.
Answers (1)
Abigail spent $100 on a new edition of the personal finance textbook rather than $75 for a used copy. the additional cost for the new copy is called the
Answers (1)
What can be measured by the level of real gdp per person?
Answers (1)