Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please show it with work? Jezaret, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for

can you please show it with work?

image text in transcribedimage text in transcribed
Jezaret, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months Jezare i Reference X ended September 30, 2018, follow: (C (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget.) Prepar honth period. Jezaret, Inc. Jezaret, Inc. Sales Budget Selling and Administrative Expense Budget Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Quarter Ended Nine-Month Quarter Quarter Quarter Ended Ended March 31 September 30 Total Ended Nine-month June 30 March 31 June 30 September 30 Total Cash sales, 40% $ 60,000 $ 80,000 $ 70,000 $ 210,000 Credit sales, 60% 90,000 120,000 105,000 315,000 Variable expenses: Total sales $ 150,000 $ 200,000 $ 175,000 $ 525,000 Commissions Expense Miscellaneous Expenses Jezaret, Inc. Total variable expenses Inventory, Purchases, and Cost of Goods Sold Budget Fixed expenses: Nine Months Ended September 30, 2018 Rent Expense Quarter Quarter Quarter Salaries Expense Ended Ended Ended Nine-Month Depreciation Expense March 31 June 30 September 30 Total Cost of goods sold $60,000 $70,000 $210,000 Total fixed expenses $80,000 Desired ending Total selling and administrative expenses $43.000 $42.000 $45.000 Choose from any list or enter any number in the input fields and then continue to the next question. Print Done0 Reference Quarter Ended Nina-Month March 31 J June 30 September 30 Total Cash sales, 40% $ 60,000 $ 80,000 $ 70,000 $ 210,000 Credit sales, 60% 90,000 120,000 105,000 315,000 Total sales $ 150,000 $ 200,000 $ 175,000 $ 525,000 Quarter Ended Quarter Ended Quarter Ended Nina-Month March 31 June 30 September 30 Total Cost of goods sold $60,000 $80,000 $10,000 Plus: Desired ending merchandise inventory $43900 $42000 $45900 Total merchandise inventory required $103,000 $122,000 $115,000 Less: Beginning merchandise inventory $19900 $43900 $42900 Budgeted purchases $34,000 $79,000 $73,000 Rent, $2,700 per month Salaries, $2,500 per month Commissions, 2% of sales Depreciation, $900 per month Miscellaneous expenses, 1% of sales Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

5th edition

9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292

More Books

Students also viewed these Accounting questions