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I have included all of the information needed! Looking for the answers to the empty boxes adn the calculations! Thanks!! Discount Saver Store is a
I have included all of the information needed! Looking for the answers to the empty boxes adn the calculations! Thanks!!
Discount Saver Store is a local discount store with the following information (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December October sales are projected to be S300,000 Sales are projected to increase by 15% in November and another 30% in December and then return to the October level in January 20% of sales are made in cash while the remaining 80% are paid by credit or debit cards The credit card companies and banks (debit card issuers) charge a 1% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts * Discount Saver Store Sales Budget For the Months of November and December The store's gross profit is 25% of its sales revenue .For the next several months, the store wants to maintain an ending merchandise November December inventory equal to $17,000 plus 20% of the next month's cost of goods sold All 69,000 $ 276,000 345,000 $ 89,700 358,800 448 500 purchases for merchandise are made on account and paid in the month following Cash sales Credit sales Total sales Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for No the purchase. The September 30 inventory is expected to be $62,000 .Expected monthly operating expenses and details about payments include the following .Wages of store workers should be $7,500 per month and are paid on the last day of each month .Utilies expense is expected to be S600 per month in September, October, and Discount Saver Store November Cost of Goods Sold, Inventory, and Purchases Budget .Utilies expense is expected to be S1,000 per month during the colder months of December, January, and February .All utility bills are paid the month after incurred .Property tax is $26,400 per year and is paid semiannually each December and For the Months of November and December November December June Cost of goods sold 258,750 S 336,375 Print Done Enter any number in the edit filelds and then click CheckStep by Step Solution
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