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#title.Budget., Cost Accounting

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Ask The James Company, a wholesaler, budgeted the following sales for the indicated months
June 2004 July 2004 August 2004
Sales on account 1800,000 1,920,000 2,040,000
Cash sales 240,000 250,000 260,000
Total sales 2,040,000 2,170,000 2,300,000
All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month’s projected cost of goads sold.
Select the best answer for each of the following items from the above given information
I. The cost of goods sold for the month of June 2004 is anticipated to be
a. 1,632,000 b. 1,428,000 c. 1, 836,000d. 1,530,000e. None of these
II. Merchandise purchase for July 2004 are anticipated to be
a. 1,736,000 B. 1, 926,600 C. 1,767,200 D. 1,658,700 E. None of these
question #Minimum 100 words accepted#

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