Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please put calculations for each value and how to get them. I asked this questions previously and wasn't provided calculations and only 4 of the

image text in transcribed

Please put calculations for each value and how to get them. I asked this questions previously and wasn't provided calculations and only 4 of the values were correct. Thank you.

P9-60A (similar to) The budget committee of Fashion's R Us an upscale women's clothing retailer, assembled the following dat As the business manager, you must prepare the budgeted income statements for May and June Click the icon to view the information to prepare the budget) Requirement Prepare Fashion's R Us budgeted income statements for May and June. Show cost of goods sold computations Before completing the budgeted income statements, compute the budgeted cost of goods sold for May and June (Round your answers to the nearest whole dollar) 1 Data Table $ Beginning inventory Purchases Cost of goods available for sale May 15300 26.500 41 800 (15.406) 26.1963 15.406 27.030 42,436 (15.000) 27.436 2. Sales in April wore $50.000. You forecast that many as will increase in Mary and Ending inventory Cost of goods sold b. Fashion's R Us maintains inventory of $10.000 plus 10% of the sales revenues budgeted for the following month Monthly purchases arverage 50% of sales revenue in that a month. Actual inventory on April 30 is $15.300 Sales budgeted for July are $50.000 Monthly salaries amount to $3,000 Sales commissions equal 5% of sales for that month Combine salaries and commissions into a single que d. Other monthly expenses are as follow Now complete the budgeted income statements for May and June. (Round your Fashion's R Us Budgeted Income Statements For the Months Ended May 31 and June 30 Rent expense.............52.200 paid as incurred Depreciation expense... $600 Insurance expense 200. expiration of prepaid amount Income tax 20% of operating income Enter any number in the edit fields and then click Check Answer, All parts showing Check Ans

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Michael J. Jones

2nd Edition

1119977150, 978-1119977155

More Books

Students also viewed these Accounting questions

Question

Know how risk can be hedged with forward contracts. AppenduxLO1

Answered: 1 week ago