Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I have 7 questions I answered. Please check. I did not show my work but would appreciate yours even if my answers are correct. Thanks
I have 7 questions I answered. Please check. I did not show my work but would appreciate yours even if my answers are correct. Thanks
1. A firm has forecasted sales of $3,000 in April, $4,500 in May and $6,500 in June. All sales are on credit. 30% is collected the month of the sale and the remainder the following month. What will be the balance in accounts receivable at the beginning of July? I Calculated $4,550 2. XYZ Co. has forecasted June sales of 600 units and July sales of 1000 units. The company maintains ending inventory equal to 125% of next month's sales. June's beginning inventory reflects this policy. What is June's required production? I Calculated: 600 units 3. If the actual December 31st A/R balance was $12,000; projected sales in January are $50,000; 70% of sales are on credit; 60% of credit sales are collected in the month of sales and 40% are collected in the month after the sale, what is the projected A/R balance on the pro forma balance sheet for the end of January? I calculated: $20,000 4. A firm has targeted a 40% growth in sales this year. Last year's cash as a percent of sales was 15%, accounts receivable 30%, and inventory 35%. What percentage growth in current liabilities is required to support the growth in sales under the percent-of-sales forecasting method? I calculated: need more information 5. A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the cost of goods sole (Assume FIFO)? I calculated: $8,100 6. Forecasted sales of $4,000 in January, $6,000 in February and $5,500 in March. All sales are on credit. 40% is collected the month of sale and the remainder the following month how much is collected from accounts receivable in February? I calculated: $4,800 7. Beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO? I calculated: $3,300Step 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