I have a long homework question and I keep getting some of it wrong and i'm not sure why and it doesn't show which answers are wrong it just shows the mark for each part at the top. Part A and B I got perfect but it went down from there.

Question 1 A) 6 / 6 points

You have been hired to make parts of the master budget for Grippers, which sells its rock-climbing shoes worldwide.You are required to only prepare the January and February budget.

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45

Gripper expects to sell 4,000 pairs of shoes for $185 each in January and 3,500 pairs of shoes for $220 each in February.Sales are 25% cash and 75% credit.

Prepare the Sales budget for Grippers for January, February and in total for the 2 months.

NOTE:round all numbers to the penny.

Total sales for January are $

___740000___.

Cashsales for January are $

___185000___.

Credit sales for January are $

___555000___.

Total sales forFebruary are $

___770000___.

Cashsales forFebruary are $

___192500___.

Credit sales forFebruary are $

___577500___.

B) 18 / 18 points

Grippers expects cost of goods sold to average 65% of the current month's sales and the company expects to sell 4,300 pairs of shoes in March for $240 each.Grippers' target ending inventory is $10,000 plus 50% of the next month's cost of goods sold.

Use this information plus the sales budget from Question 1 to prepare Grippers' inventory, purchases, and cost of goods sold budget for January and February.In addition, indicate what the total cost of goods sold will be for the 2 months.

HINT:the beginning inventory is the "trick" in this question.Think about this carefully before answering!

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45

Required:

Cost of goods sold for January is $

___481000___.

Cost of goods sold for February is $

___500500___.

Total cost of goods sold for the 2 month is $

___981500___.

Desired ending inventory for January is $

___260250___.

Desired ending inventory for February is $

___345400___.

Beginning inventory for January is $

___250500___.

Beginning inventory for February is $

___260250___.

Purchases for January are $

___490750___.

Purchases for February are $

___585650___.

C) 0 / 10 points

Employee wagecosts per monthare made up of 2 parts:a salary of $5,000 plus sales commissions equal to 10% of the current month's sales.This is a mixed cost with both a fixed ($5,000) and a variable portion.The company pays half this amount in the current month and half early the following month.

Other monthly expenses:

Rent expenses - fixed cost$9,000 (paid on first of month)

Amortization, including computer - fixed costs$2,250

Insurance expense - fixed costs$600 (from prepaid insurance)

Miscellaneous expenses - variable costs9% of sales

Miscellaneous expenses are paid 70% in the current month and 30% in the following month.

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45

Required:

Complete the Operating Expenses Budget and fill in the following numbers.Remember - this is accrual accounting based!

Total operating expenses for January are $

___97970___.

Total operating expenses for February are $

___160840___.

D) 6 / 10 points

Using the information from the previous parts of this question, complete the Budgeted Income Statement (accrual based!)for the 2 months ending February.

HINT:the income statement should be a total income statement for the 2 months together.DO NOT create monthly income statements.

NOTE:ignore income taxes.

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45

Required:

Total sales revenue is $

___1510000___.

Cost of goods sold is $

___981500___.

Gross Profit is $

___528500___.

Total operating expenses are $

___258810___.

Operating income is $

___269690___.

E) 0 / 10 points

Assume that Grippers' sales are 25% cash and 75% credit.Grippers' collection history indicates that credit sales are collected as follows:

30% in the month of sale

60% in the month after the sale

10% two months after the sale

November sales IN TOTAL are $391,500, and December sales were $398,250.HINT:consider that the information given for November and December are sales IN TOTAL (100%).

Prepare a schedule for the budgeted cash collections for January and February.

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45

Required:

Total collections in January are $

___375075___.

Total collections in February are $

___536118.75___.

F) 4 / 8 points

Grippers pays for inventory as follows:60% in the month of purchase and the remaining 40% in the following month.HINT:you may need the information from December sales for this question.

Complete the Budgeted Cash Payment for Purchases schedule and determine total payment for purchases for January and February.

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45

Required:

Total payments for purchases for January are $

___397995___.

Total payment for purchases for February are $

___547690___.

G) 0 / 8 points

Using the information from the Operating Expense Budget (Question 4), prepare the Budgeted Cash Payment for Operating Expenses schedule.

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to the nearest dollar and no decimal places.

Required:

Total payment for operating expenses for January are $

___97970___.

Total payment for operating expenses for February are $

___160840___.

H) 0/16

Grippers purchased new manufacturing equipment in January, paying $20,000 cash for the new machine.

Grippers has $8,300 cash on hand on January 1^st.The company requires a minimum cash balance of $7,500.

Using the information from all previous parts of the question, complete the Cash Budget for January and February.

NOTE:enter negative numbers with a '-'

Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to nearest dollar and no decimal places.

Required:

Cash available in January is $

___193300___.

Cash payments in Januaryare $

___117970___.

Ending cash balanceonJanuary 31st is $

___75330___.

Will Grippers need to borrow cash at the end of January?

___no___(yes, no)

If so, how much will Grippers have to borrow?

Grippers will have to borrow $

___0___in order to ensure they have $7,500 on hand at the end of January.

Cash available for February is $

___267830___.

Cash payments for February are $

___160840___.

Ending cashbalance on February 28th is $

___106990___.

NOTE:IGNORE interest expense for the purposes of this question!