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Assume a merchandising company's estimated sales for January, February, and March are $100,000,$120,000, and $10,000, respectively. Its cost of goods sold is always 40% of its sales. The company always maintains ending merchandise inventory equal to 10\% of next month's cost of goods sold. What are the required merchandise purchases for January? Muitiple Choice 544,200 $40,800 $39200 548,000 Which of the following statements is true with respect to a budgeted balance sheet? Multiple Choice Beginning retained earnings + net income - dividends w ending retained earnings. Beginning retained earnings - net income - dividends = ending retained earnings. Beginning retained earnings + net income + dividends = ending retained earnings. Beginning retained earnings - net income + dividends = ending retained earnings. Assume a merchandising company provides the following information from its master budget for the month of May: What is the budgeted net operating income? Multiple Choice $2,000 $30.000 $117,000 $105,000 Assume a merchandising company provides the following information from its master budget for the month of May: Based solely on the information provided, what is the company's excess (deficiency) of cash avallable over disbursements at the end of May? Multiple Choice $30,000 $15.000 $20,000 $25,000