Determine budgeted sales revenue for each quarter

Assignment Help Accounting Basics

Reference no: EM131967222

Problem

	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Budgeted Unit Sales	35,000	55,000	27,500	55,000

Each T-shirt is expected to sell for $10.

The purchasing manager buys the T-shirts for $4 each.

The company needs to have enough T-shirts on hand at the end of each quarter to fill 20 percent of the next quarter's sales demand.
Selling and administrative expenses are budgeted at $70,000 per quarter plus 12 percent of total sales revenue.

Required:

1. Determine budgeted sales revenue for each quarter.

2. Determine budgeted cost of merchandise purchased for each quarter.

3. Determine budgeted cost of good sold for each quarter.

4. Determine selling and administrative expenses for each quarter.

5. Complete the budgeted income statement for each quarter.

Reference no: EM131967222

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