00 8 Old Antique Store prepared the following budget Information for the month of May: Sales are budgeted at $372,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month. Inventory was $96,000 on April 30, an Inventory Increase of $15,000 is planned for May 31. All Inventory is marked to sell at cost plus 50 percent. Estimated cash disbursements for selling and administrative expenses for the month are $60,000. Depreciation for May Is projected at $7,200. Old Antique's budgeted gross profit for May is: Multiple Choice O $124,000. O $186,000 $225,200. $263.000 O $248.000 Case Manufacturing expects to have 47,000 pounds of raw materials Inventory on hand on June 30, the end of the current year. The company has budgeted the following production for the first four months of the coming year: 9 July 107,000 August 127,000 September 157,000 October 117,000 Production (units) Case Manufacturing desires each month's ending raw materials Inventory to be 20% of the following month's production needs. A finished unit requires three pounds of raw materials. Case Manufacturing's budgeted purchases of raw materials during July (In pounds) should be: Multiple Choice 76,200 pounds O 321,000 pounds 350,200 pounds O O 397,200 pounds O 473.400 pounds 10 Old Antique Store prepared the following budget Information for the month of May: Sales are budgeted at $375,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month. Inventory was $98,000 on April 30; an Inventory Increase of $12,000 is planned for May 31. All Inventory is marked to sell at cost plus 50 percent. Estimated cash disbursements for selling and administrative expenses for the month are $62,000. Depreciation for May is projected at $7,400. Old Antique budgeted cost of goods sold (CGS) In May is: Multiple Choice $125,000 $187,500. $229,900 $262.000. $250,000