Omaha Furniture Mart has the following information:<\/p>
Month<\/strong><\/p> Budgeted Sales<\/strong><\/p> June<\/p> $68,000<\/p> July<\/p> 72,000<\/p> August<\/p> 80,000<\/p> September<\/p> 76,000<\/p> October<\/p> 80,000<\/p> The cost of merchandise sold is 60% of sales and the desired ending inventory level is 25% of next month's cost of merchandise sold.<\/p> All sales are on credit.70% of sales is collected in the month of sale and the remaining 30% in the next month.The budgeted collections for the month of October is<\/p> $77,200<\/p> $76,000<\/p> $77,600<\/p> $73,600<\/p> $80,000<\/p> $78,800<\/p>",
"transcribed_text": "",
"related_book": {
"title": "Accounting Principles",
"isbn": "1119491630, 978-1119491637, 978-0470534793",
"edition": "10th Edition",
"authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/54.jpg",
"uri": "\/textbooks\/accounting-principles-10th-edition-54",
"see_more_uri": ""
},
"free_related_book": {
"isbn": "B001E6C3HM",
"uri": "\/textbooks\/pilot-pen-razor-point-ii-porous-point-pen-stick-blue-dozen-b001e6c3hm",
"name": "Pilot Pen Razor Point II Porous Point Pen Stick Blue Dozen",
"edition": ""
},
"question_posted": "2024-06-29 02:35:05",
"see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13",
"step_by_step_answer": "The Answer is in the image, click to view ...",
"students_also_viewed": [
{
"url": "\/suppose-particle-moves-back-and-forth-along-straight",
"description": "Suppose a particle moves back and forth along a straight line with velocity v(t), measured in feet per second, and acceleration a(t). (a) What is the meaning of 60120 v(t) dt? (b) What is the meaning...",
"stars": 3
},
{
"url": "\/study-help\/psychology\/what-community-placements-are-available-for-practica-1980802",
"description": "What community placements are available for practica?",
"stars": 3
},
{
"url": "\/study-help\/business-analytics-data\/enhance-the-treasury-yield-rates-database-file-to-perform-a",
"description": "Enhance the Treasury Yield Rates database file to perform a database query that finds the rate associated with any date and term.",
"stars": 3
},
{
"url": "\/study-help\/questions\/baker-co-uses-a-perpetual-inventory-and-the-net-method-9863630",
"description": "Baker Co. uses a perpetual inventory and the net method to record sales. Prepare the required journal entries for the following transactions. Omit explanations. November 15 Sold merchandise for $750...",
"stars": 3
},
{
"url": "\/study-help\/questions\/6-what-is-the-degree-measure-of-rtu-32-2053012",
"description": "6 What is the degree measure of RTU? 32 212 HD 238 D248 zoom in 32 U S 6. T G",
"stars": 3
},
{
"url": "\/study-help\/questions\/question-14-of-50-sally-purchases-3-abc-apr-25-1241982",
"description": "Question 14 of 50 Sally purchases 3 ABC Apr 25 calls at 2.50. The stock is currently selling at 28. What is her maximum loss? A Unlimited B $750 C $450 D $250",
"stars": 3
},
{
"url": "\/study-help\/questions\/the-time-to-failure-in-hours-for-a-laser-in-1024032",
"description": "The time to failure (in hours) for a laser in a cytometry machine is modeled by an exponential distribution with = 0.00004. Round the answers to 3 decimal places. (a) What is the probability that the...",
"stars": 3
},
{
"url": "\/study-help\/questions\/henrik-is-stopped-behind-another-vehicle-at-an-intersection-the-5359525",
"description": "Henrik is stopped behind another vehicle at an intersection. The light turns green, and he waits 3-4 seconds before accelerating. Why should he do this? a) It puts adequate following distance between...",
"stars": 3
},
{
"url": "\/study-help\/questions\/a-newspaper-delivery-job-that-rewards-employees-with-a-bonus-5197445",
"description": "The workplace practice of referring to your boss by his or her first name describes which of the following cultural characteristics? Collectivism Long-term orientation Individualism Low power...",
"stars": 3
},
{
"url": "\/study-help\/questions\/to-develop-the-agile-capability-for-an-organization-s-supply-1002554",
"description": "To develop the agile capability for an organization s supply chain, they must start from within. Often centralized operations need to be decentralized to cut bureaucracy to respond to local...",
"stars": 3
}
],
"next_back_navigation": {
"previous": "\/study-help\/questions\/please-complete-the-blanks-customer-profitability-analysis-rogers-aeronautics-ltd-4449938",
"next": "\/study-help\/questions\/it-is-advisable-for-tasty-snack-foods-to-continue-with-4449940"
},
"breadcrumbs": [
{
"name": "Study help",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers"
},
{
"name": "Business",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business"
},
{
"name": "Accounting",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting"
},
{
"name": "Omaha Furniture Mart has the following information: Month Budgeted Sales June $68,000",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/omaha-furniture-mart-has-the-following-information-month-budgeted-sales-4449939"
}
],
"skill_details": {
"skill_id": "9",
"skill_name": "Accounting",
"parent_id": "1"
}
}d": "1"
}
}