> Question 6 (8 points) Grippers pays for inventory as follows: 60% in the month of purchase and the remaining 40% in the following month. HINT: you may need the information from December sales for this question. Complete the Budgeted Cash Payment for Purchases schedule and determine total payment for purchases for January and February. Remember to enter numeric amounts without a $or, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Required: Total payments for purchases for January are $ Total payment for purchases for February are $ Question 7 (8 points) Using the information from the Operating Expense Budget (Question 4), prepare the Budgeted Cash Payment for Operating Expenses schedule. You have been hired to prepare parts of the master budget for Grippers, which sells its rock- climbing shoes worldwide. You are required to only prepare the January and February budget. Remember to enter numeric amounts without a $ or, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Gripper expects to sell 4,000 pairs of shoes for $185 each in January and 3,500 pairs of shoes for $220 each in February. Sales are 25% cash and 75% credit. Prepare the Sales budget for Grippers for January, February and in total for the 2 months. NOTE: round all numbers to the penny. Total sales for January are $ A/ Cash sales for January are $ AJ Credit sales for January are $ Total sales for February are s > Question 6 (8 points) Grippers pays for inventory as follows: 60% in the month of purchase and the remaining 40% in the following month. HINT: you may need the information from December sales for this question. Complete the Budgeted Cash Payment for Purchases schedule and determine total payment for purchases for January and February. Remember to enter numeric amounts without a $or, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Required: Total payments for purchases for January are $ Total payment for purchases for February are $ Question 7 (8 points) Using the information from the Operating Expense Budget (Question 4), prepare the Budgeted Cash Payment for Operating Expenses schedule. You have been hired to prepare parts of the master budget for Grippers, which sells its rock- climbing shoes worldwide. You are required to only prepare the January and February budget. Remember to enter numeric amounts without a $ or, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Gripper expects to sell 4,000 pairs of shoes for $185 each in January and 3,500 pairs of shoes for $220 each in February. Sales are 25% cash and 75% credit. Prepare the Sales budget for Grippers for January, February and in total for the 2 months. NOTE: round all numbers to the penny. Total sales for January are $ A/ Cash sales for January are $ AJ Credit sales for January are $ Total sales for February are s
