### Prepare a merchandise purchases budget

Assignment Help Cost Accounting
##### Reference no: EM13510218

Capp Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:

 %u2022 Sales are budgeted at \$460,000 for November, \$470,000 for December, and \$450,000 for January. %u2022 Collections are expected to be 55% in the month of sale, 42% in the month following the sale, and 3% uncollectible. %u2022 The cost of goods sold is 60% of sales. %u2022 The company desires an ending merchandise inventory equal to 35% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase. %u2022 The November beginning balance in the accounts receivable account is \$81,000. %u2022 The November beginning balance in the accounts payable account is \$268,000.

Required:

Prepare a Schedule of Expected Cash Collections for November and December. (Omit the "\$" sign in your response.)

 Capp CorporationSchedule of Expected Cash Collections November December Sales \$ \$ Schedule of Expected Cash Collections Accounts receivable \$ November sales \$ December sales Total cash collections \$ \$

Prepare a Merchandise Purchases Budget for November and December. (Input all amounts as positive values. Omit the "\$" sign in your response.)

 Capp CorporationMerchandise Purchases Budget November December Budgeted cost of goods sold \$ \$ (Click to select) Deduct Add : (Click to select) Beginning merchandise inventory Desired ending merchandising inventory Total needs (Click to select) Add Deduct : (Click to select) Beginning merchandise inventory Desired ending merchandising inventory Required purchase \$

#### Questions Cloud

 Find the final speed of the two cars after the collision : A car moving with an initial speed v collides with a second lighter stationary car that is 49.6% as massive. Calculate the final speed of the two cars after the collision An old computer to a new computer : Have you ever transferred all your stored data from an old computer to a new computer? Compute the net gravitational force exerted by these objects : Objects with masses of 220 kg and a 520 kg are separated by 0.390 m. Find the net gravitational force exerted by these objects on a 54.0 kg object placed midway between them Change in family structure has altered the culture : Describe how the change in family structure has altered the culture and values in the United States. Include an explanation of how the change in family structure is evidenced in the socialization process. Prepare a merchandise purchases budget : Prepare a Merchandise Purchases Budget for November and December. (Input all amounts as positive values. Omit the "tiny_mce_markerquot; sign in your response.) Find the intensity of the light leaving the last polarizer : An unpolarized light beam of intensity I = 14.0 W/m2 is directed along the x-axis and enters a sequence of three polarizers at normal incidence. Calculate the intensity of the light leaving the last polarizer Economic systems of capitalism and socialism : Describe what you think would be the best combined features of the economic systems of capitalism and socialism while minimizing the disadvantages of each. What color would it have seemed to you : You're caught running a red light on Hwy 316. Attempting to impress the skeptical patrol officer with your physics knowledge, If you had been traveling that fast and the light actually was yellow, what color would it have seemed to you Find how long does it take the swimmer to cross the river : A swimmer, capable of swimming at a speed of 1.0 m/s in still water (i.e., the swimmer can swim with a speed of 1.0 m/s relative to the water), How long does it take the swimmer to cross the river

### Write a Review

#### Rum company has developed a new product that will be

rum company has developed a new product that will be marketed for the first time during the next fiscal year. although

#### Describe the current costing system

Describe the current costing system and list the potential weaknesses of this system regarding product costing accuracy and cost control and describe the proposed ABC system, the benefits from using it and why those benefits occur.

#### Question we care is an outpatient surgical clinic that was

question we care is an outpatient surgical clinic that was profitable for many years but medicare has cut its

#### Support recommendation to board of directors

As the company accountant you must give the necessary information to support your recommendation to Board of Directors.

#### 1 the future value of a dollar as the interest rate

1. the future value of a dollar as the interest rate increases and the farther in the future an initial deposit is

#### Participates in the management of the property

Debbie's social security number is 035-11-4856, and address of the home is is 435Beachway Lane, Wrightsville Beach, NC 28480.

#### Evaluate the various approaches for setting transfer prices

Describe and evaluate the various approaches for setting transfer prices. How can the use of different approaches between the selling and buying divisions be reconciled?

#### Show an customer level indirect cost incurred at your

show an customer level indirect cost incurred at your current or former place of business being sure to address the

#### Contractual interest rate on a bond

Bonds that may be exchanged for common stock at the option of the bondholders are called and Bonds that are subject to retirement at a stated dollar amount prior to maturity at the option of the issuer are called

#### Make a convincing argument that information

Respond to assertions by the IRS and counter those assertions with your own and make a convincing argument that information/documentation your client possesses justifies and supports valuation claim.

#### Compute production cost per unit under variable costing

Determine the cost of ending inventory using absorption costing.

#### What is the amount of ending finished goods inventory

In most organizations, customer satisfaction is one of the top priorities. As such, attention to customers is necessary for success. Briefly describe the four types of demands customers are currently placing on organizational performance.

#### Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!