Help Save&Exit Check my Baird Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks Problem 14-23 Part1 a. October sales are estimated to be $300,000 of which 40 percent will be cash and 60 percent will be credit. The company expects b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale c. The cost of goods sold is 70 percent of sales. The company desires to maintain a minimum ending inventory equal to 20 percent of saies to increase at the rate of 20 percent per month. Prepare a sales budget Prepare a schedule of cash recepts he next months cost of goods sold However, ending inventory of December is expected to be $12.100. Assume that all purchases are made on account Prepare an inventory purchases budget company pays 80 percent of accounts payable in the month of purchase and the remaining 20 percent in the Prepare a cash payments budget for inventory purchases e. Budgeted sehing and administr ative expenses per month folow 8 Help Save&Exit Check my Baird Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks Problem 14-23 Part1 a. October sales are estimated to be $300,000 of which 40 percent will be cash and 60 percent will be credit. The company expects b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale c. The cost of goods sold is 70 percent of sales. The company desires to maintain a minimum ending inventory equal to 20 percent of saies to increase at the rate of 20 percent per month. Prepare a sales budget Prepare a schedule of cash recepts he next months cost of goods sold However, ending inventory of December is expected to be $12.100. Assume that all purchases are made on account Prepare an inventory purchases budget company pays 80 percent of accounts payable in the month of purchase and the remaining 20 percent in the Prepare a cash payments budget for inventory purchases e. Budgeted sehing and administr ative expenses per month folow 8
