2200 dget Project 6 Help Save &Exit Submit Vernon Company is a retail company that specializes in seting outdoor camping equipment. The n company is opening a new store on October 1. 2019. The company president formed a planning committee to prepare a master budget for the frst three the following tasks months of operation As budget coordinator, you have been assigned 1 of 2 Problem 14-23 Part 1 Required a. October sales are estimated to be $280000, of which 45 percent will be cash b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale c. The cost of goods sold is 60 percent of sales The company desires to maintain a minimum sales to increase at the rate of 25 percent per month Prepare a sales budget Prepare a schedule of cash receipts the next month's cost of goods sold However,ending inventory of December is expected to be $13,600. Assume that all purchases and 55 percent will be credit. The company expects ending inventory equal to 10 percent of 20 percent in the following month d. The company pays 80 percent of accounts payable in the month of purchase and the remaining e. Budgoted seling and administrative expenses per month folow are made on account. Prepare an inventory purchases budget Prepare a cash payments budget for inventory purchases saLary expense 1t xe of Sales s 3, 00 otoce fixture, itined). 120,2 Next 2200 dget Project 6 Help Save &Exit Submit Vernon Company is a retail company that specializes in seting outdoor camping equipment. The n company is opening a new store on October 1. 2019. The company president formed a planning committee to prepare a master budget for the frst three the following tasks months of operation As budget coordinator, you have been assigned 1 of 2 Problem 14-23 Part 1 Required a. October sales are estimated to be $280000, of which 45 percent will be cash b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale c. The cost of goods sold is 60 percent of sales The company desires to maintain a minimum sales to increase at the rate of 25 percent per month Prepare a sales budget Prepare a schedule of cash receipts the next month's cost of goods sold However,ending inventory of December is expected to be $13,600. Assume that all purchases and 55 percent will be credit. The company expects ending inventory equal to 10 percent of 20 percent in the following month d. The company pays 80 percent of accounts payable in the month of purchase and the remaining e. Budgoted seling and administrative expenses per month folow are made on account. Prepare an inventory purchases budget Prepare a cash payments budget for inventory purchases saLary expense 1t xe of Sales s 3, 00 otoce fixture, itined). 120,2 Next