Citrus Girl Company (CGC) purchases quality citus produce from ocal growers and sells the produce vio the internet across the United States. To keep costs down, CGC mantains a warehouse but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly soles for Aprit, May June, and July are $80.000,$150.000.$270,000, and $50,000, respectively 2. Cost of goods sold is 45 percent of expected sales. 3. CGC's desired ending inventory is 55 percent of the following month's cost of goods sold 4. Monthly operating expenses are estimoted to be: - Solaries $33,000. - Delivery expense: 8 percent of monthly sales - Rert expense on the warehouse $2,500. - Utilities \$500. - Insurance \$330 - Other expenses: $430 Required: 1. Compute the budgeted cost of purchases for eoch month in the second cuarter. 2. Complete the budgeted income statement for each month in the second quarter. Complete this question by entering vour answers in the tabs below. Compute the budpeted cost of purchases for each monch in the second quarter. Cirrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the internet across the United States. To keep costs down, CGC maintains a warehouse but no showroom or retall sales outlets. CGC has the following Information for the second quarter of the year: 1. Expected monthly sales for April. May, June, and July are $180,000,$150,000,$270,000, and $50,000, respectively. 2. Cost of goods sold is 45 percent of expected sales. 3. CGC's desired ending inventory is 55 percent of the following month's cost of goods sold. 4. Monthly operating expenses ore estimated to be: - Salanes: $33,000. - Delivery expense: 8 percent of monthly sales. - Rent expense on the warehouse $2,500. - Utilities: $500 - Insurance $330. - Other expenses: $430. Required: 1. Compute the budgeted cost of purchases for eoch month in the second quorter 2. Complete the budgeted income statement for each month in the fecond quarter Complete this question by entering vour answers in the tabs below. Complete the budgeted income statement for each month in the second amarth. Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year: The majority of Martin's sales ( 70 percent) are cash, but o few of the excursion companles purchase on credit. Of the credit sales, 30 percent are collected in the month of sale and 70 percent are collected in the following month. All of Martin's purchases are on account with 50 percent paid in the month of purchase and 50 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August. Complete this question by entering your answers in the tabs below. Determine budgeted cash payments for July and August. McFariand Company makes 70 percent of its sales in cash. Cledit soles ore collected as follows: 70 percent in the month of sale and 30 percent in the month following the sole. McFarlond's bucgeted sales for upcoming months follow: Required: Compute McFarland's expected cash receipts fot August. Mortin Clothing Company is o retall compony that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year: The majority of Martin's sales ( 70 percent) ore cash, but o few of the excursion companies purchase on credit. Of the credir sales, 30 percent are collected in the month of sole ond 70 percent are collected in the following month. All of Martin's purchases are on account with 50 percent paid in the month of purchase ond 50 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cosh payments for July and August. Complete this question by entering vour answers in the tabs below. Determine budgeted cash collections for July and August. Note: Plound your intermediate calculations and final answers to nearest whole dollar
