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Karma Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. - October sales were $220,000. - Sales are projected to go up by 15% in November (from the October sales) and another 30% in December (from the November sales) 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 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. - Karma Comer Shoppe's gross profit is 25% of its sales revenue. - For the next several months, the store wants to maintain an ending merchandise inventory equal to $11,000+20% of the next month's cost of goods sold. The September 30 inventory was $44,000. - Expected monthly operating expenses include: - Wages of store workers are \$8,700 per month - Utilities expense of $1,700 in November and $2,300 in December - Property tax expense of $2,600 per month - Property and liability insurance expense of $1,000 per month - Depreciation expense of $9,000 per month - Transaction fees, as stated above, are 5% of credit and debit card sales Karma Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the Requirement 1. Prepare the sales budget for November and December. Karma Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. - October sales were $220,000. - Sales are projected to go up by 15% in November (from the October sales) and another 30% in December (from the November sales) 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 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. - Karma Comer Shoppe's gross profit is 25% of its sales revenue. - For the next several months, the store wants to maintain an ending merchandise inventory equal to $11,000+20% of the next month's cost of goods sold. The September 30 inventory was $44,000. - Expected monthly operating expenses include: - Wages of store workers are \$8,700 per month - Utilities expense of $1,700 in November and $2,300 in December - Property tax expense of $2,600 per month - Property and liability insurance expense of $1,000 per month - Depreciation expense of $9,000 per month - Transaction fees, as stated above, are 5% of credit and debit card sales Karma Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the Requirement 1. Prepare the sales budget for November and December
