Assume a merchandising company's estimated sales for January, February, and March are $100,000, $120,000, and $110,000, 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 February? Multiple Choice O $44,000 O $46,400 O $48,400 O $47,600Assume a company is preparing a budget for its first two months of operations. During the rst and second months it expects credit sales of $50,000 and $60,000, respectively. The company expects to collect 40% of its credit sales in the month of the sale, 55% in the following month, and 5% is deemed uncollectible. What amount of accounts receivable [net] would the company report in its balance sheet at the end of the second month? Multiple Choice 0 $241] 00 $33,000 $515 00 O 0 $545 00 O Assume a merchandising company provides the following information from its master budget for the month of May: Cost of goods sold $79, 100 Cash paid for merchandise purchases $74, 200 Selling and administrative expenses $34, 100 Cash paid for selling and administrative expenses $26,900 Retained earnings, May 1 $19, 200 Retained earnings, May 31 $25, 400 If the company does not pay any interest or dividends, what is its budgeted sales for May? Multiple Choice O $119,400 O $101,900 O $1,000 O $115,300