Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Brian, Inc.'s intern was working on the cash budget for May. The intern was called away suddenly for a family emergency. Brian's beginning inventory was
Brian, Inc.'s intern was working on the cash budget for May. The intern was called away suddenly for a family emergency. Brian's beginning inventory was $13000 and its ending inventory was $11800. If cost of goods sold is 65% of sales, what was the amount of budgeted monthly sales (if necessary, round your answer to the nearest dollar)? $2000 Beginning cash balance Cash Receipts Total cash available to spend 153000 155000 134000 Less Disbursements: Merchandise purchases Selling and administrative expenses Total cash disbursements 27000 161000 -6000 Cash excess (needed) Borrowing Ending cash balance 8100 2100 $87880 $208000 O $204308 $298000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started