MASTER BUDGET ASSIGNMENT 20% IN THE FINAL

The following data relate to the operations of Soper Company, a wholesale distributor of consumer goods:

Current assets as of March 31:

Cash

$8,000

Accounts receivable

$ 20,000

Inventory

$ 36,000

Building and equipment, net

$120,000

Accounts payable

$ 21,750

Common shares

$150,000

Retained earnings

$ 12,250

1. The gross margin is 25% of sales.
2. Actual and budgeted sales data:

March (actual)

$50,000

April

$60,000

May

$72,000

June

$90,000

July

$48,000