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TB MC Qu. 10-84 (Algo) Budgeted operating income for May: Old Antique Old Antique Store prepared the following budget information for the month of May:
TB MC Qu. 10-84 (Algo) Budgeted operating income for May: Old Antique Old Antique Store prepared the following budget information for the month of May: Sales are budgeted at $321,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month. Inventory was $86,000 on April 30; an inventory increase of $15,000 is planned for May 31. All inventory is marked to sell at cost plus 50 percent. Estimated expense for selling and administrative expenses for the month are $50,000. - Depreciation for May is projected at $6,200. Old Antique's budgeted operating income for May is: Multiple Choice O $75,000. O $71,200. $41,170. O $47,370. O O $26.170
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