Memphis Company's May sales budget calls for sales of $930,000. The store expects to begin May with $53,000 of inventory and to end the month with $58,000 of inventory. Gross margin is typically 45% of sales. Compute the budgeted cost of merchandise purchases for May. Multiple Choice $506,500. O $516,500 O $511,500. O $418,500. O $423,500. Ratchet Manufacturing anticipates total sales for August, September, and October of $210,000, $220,000, and $230,500 respectively. Cash sales are normally 20% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of accounts receivable to be reported on the company's budgeted balance sheet at the end of August. Multiple Choice $168,000. $42,000. $176,000. O $44,000. $210,000. Ratchet Manufacturing's August sales budget calls for sales of 5,000 units. Each month's unit sales are expected to grow by 6%. The product selling price is $20 per unit. The expected total sales dollars for September's sales budget are: Multiple Choice O $100,000. O $94.000. o $106.000. o $112,000. a $5,300. A sporting equipment store expects to purchase $7,500 of ski boots in October. The store had $3,500 of ski boots in merchandise inventory at the beginning of October and expects to have $2,500 of ski boots in merchandise inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October? Multiple Choice $10.000 $7,500. O $11,000. O o $6,000. $8,500. Chocolate Company reports the following information from its sales budget: Expected sales: July August September $ 81,000 101,000 111,000 Cash sales are normally 30% of total sales and all credit sales are expected to be collected in the month following the date of sale. The total amount of cash expected to be received from customers in September is: Multiple Choice $111,000. $104,000. d $70,700. o $181,700 $33,300