7 PB8-6 (Static) Preparing Operating Budgets for a Merchandising Firm [LO 8-5] Blue Skies T-shirt Company operates a chain of T-shirt shops in the northeastern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: 9 points Budgeted Unit Sales Quarter 1 50,000 Quarter 2 Quarter 3 Quarter 4 70,000 45,000 65,000 . Each T-shirt is expected to sell for $20. The purchasing manager buys the T-shirts for $8 each. eBook The company needs to have enough T-shirts on hand at the end of each quarter to fill 30 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $60,000 per quarter plus 15 percent of total sales revenue. References Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required Required Required Required Required 2 3 4 5 1 Determine budgeted sales revenue for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Sales Revenue < Required 1 Required 2 > 7 9 points PB8-6 (Static) Preparing Operating Budgets for a Merchandising Firm [LO 8-5] Blue Skies T-shirt Company operates a chain of T-shirt shops in the northeastern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Budgeted Unit Sales Quarter 1 50,000 Quarter 2 Quarter 3 Quarter 4 70,000 45,000 65,000 Each T-shirt is expected to sell for $20. eBook References The purchasing manager buys the T-shirts for $8 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 30 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $60,000 per quarter plus 15 percent of total sales revenue. Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 2 3 4 5 Determine budgeted cost of merchandise purchased for each quarter. Budgeted Cost of Merchandise Quarter 1 Quarter 2 Quarter 3 Purchased < Required 1 Required 3 > 7 PB8-6 (Static) Preparing Operating Budgets for a Merchandising Firm [LO 8-5] Blue Skies T-shirt Company operates a chain of T-shirt shops in the northeastern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: 9 points Budgeted Unit Sales Quarter 1 50,000 Quarter 2 Quarter 3 Quarter 4 70,000 45,000 65,000 Each T-shirt is expected to sell for $20. . The purchasing manager buys the T-shirts for $8 each. eBook The company needs to have enough T-shirts on hand at the end of each quarter to fill 30 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $60,000 per quarter plus 15 percent of total sales revenue. References Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 2 3 4 5 Determine budgeted cost of good sold for each quarter. Budgeted Cost of Goods Quarter 1 Quarter 2 Quarter 3 Sold < Required 2 Required 4 > 7 PB8-6 (Static) Preparing Operating Budgets for a Merchandising Firm [LO 8-5] Blue Skies T-shirt Company operates a chain of T-shirt shops in the northeastern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: 9 points eBook Budgeted Unit Sales Quarter 1 50,000 Quarter 2 Quarter 3 Quarter 4 70,000 45,000 65,000 . The purchasing manager buys the T-shirts for $8 each. Each T-shirt is expected to sell for $20. The company needs to have enough T-shirts on hand at the end of each quarter to fill 30 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $60,000 per quarter plus 15 percent of total sales revenue. References Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 2 3 4 5 Determine selling and administrative expense for each quarter. Budgeted Selling and Administrative Quarter 1 Quarter 2 Quarter 3 Expenses < Required 3 Required 5 > 7 PB8-6 (Static) Preparing Operating Budgets for a Merchandising Firm [LO 8-5] Blue Skies T-shirt Company operates a chain of T-shirt shops in the northeastern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: 9 points Budgeted Unit Sales Quarter 1 50,000 70,000 Quarter 2 Quarter 3 Quarter 4 45,000 65,000 Each T-shirt is expected to sell for $20. eBook References The purchasing manager buys the T-shirts for $8 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 30 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $60,000 per quarter plus 15 percent of total sales revenue. Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 2 3 4 5 Complete the budgeted income statement for each quarter. Budgeted Gross Margin Blue Skies T-shirt Company Budgeted Income Statement Quarter 1 Quarter 2 Quarter 3 Budgeted Net Operating Income < Required 4 Required 5 >