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The following information pertains to the January operating budget for Murphy Corporation, a retailer: Budgeted sales are $204,000 for January Collections of sales are 60%
The following information pertains to the January operating budget for Murphy Corporation, a retailer: Budgeted sales are $204,000 for January Collections of sales are 60% in the month of sale and 40% the next month Cost of goods sold averages 68% of sales Merchandise purchases total $150,000 in January Marketing costs are $3,400 each month Distribution costs are $5,700 each month Administrative costs are $10,700 each month For January, budgeted gross margin is A. $122,400 B. $54,000 C. $138,720 D. $65,280 Tiger Pride produces two product lines: T - shirts and Sweatshirts. Product profitability is analyzed as follows: A. $105,000 B. $203,000 C. $308,000 D. $840,000
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