FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tony's Fashions forecasts sales of $315,000 for the quarter ended December 31, The company's gross profit rate averages 20% of sales. Inventory as of September

image text in transcribed
image text in transcribed
Tony's Fashions forecasts sales of $315,000 for the quarter ended December 31, The company's gross profit rate averages 20% of sales. Inventory as of September 30 is $115,000. If the December 31st inventory is targeted at $55,000, budgeted purchases for the quarter should be: Multiple Choice $192,000. $252,000 $178,000. o $200,000. $192,000 $252,000. $178,000. $200,000. $137000

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

Step: 3

blur-text-image

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

The Auditors Guide Of 1869 A Review And Computer Enhancement Of Recently Discovered Old Microfilm Of Americas First Book On Auditing By H J Mettenheimer

The Auditors Guide Of 1869 A Review And Computer Enhancement Of Recently Discovered Old Microfilm Of Americas First Book On Auditing By H J Mettenheimer

Authors: Peter L. McMickle, Paul H. Jensen

1st Edition

0367534622, 978-0367534622

More Books

Students also viewed these Accounting questions

Question

★★★★★
Your division is considering two investment projects, each of which requires an upfront expenditure of $15 million. You estimate that the investments will produce the following net cash flows: a....

Answered: 1 week ago

Question

★★★★★
Two photographs are randomly selected from a pack of 12 colour and eight black and white photographs. Find the probability that the second photograph selected is colour, given that the first is: a....

Answered: 1 week ago

Question

★★★★★
Describe the differences in the five levels of control highlighted by Organizational Identification and Control theory

Answered: 1 week ago

Question

★★★★★
1. Estimate the demand for soft drinks using a multiple regression program available on your computer. 2. Interpret the coefficients and calculate the price elasticity of soft drink demand. 3. Omit...

Answered: 1 week ago

Question

★★★★★
Tony's Fashions forecasts sales of $315,000 for the quarter ended December 31, The company's gross profit rate averages 20% of sales. Inventory as of September 30 is $115,000. If the December 31st...

Answered: 1 week ago

Question

★★★★★
The Hybee Company is evaluating an investment to produce a new product with an expected marketable life of 5 years. The expected annual net cash flow before tax is $120,000. To produce this product...

Answered: 1 week ago

Question

★★★★★
What are some benefits of social networking? Select all that apply. Responses can introduce you to potential romantic partners can introduce you to potential romantic partners a boss may hear about...

Answered: 1 week ago

Question

★★★★★
Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours....

Answered: 1 week ago

Question

★★★★★
Why are the liabilities and shareholders equity accounts represented as negative on the consolidated balance sheet? LO 2-7 Prepare a worksheet to consolidate the accounts of two companies that form...

Answered: 1 week ago

Question

★★★★★
In 3-5 sentences, list your favorite tool from the course lean six sigma green belt and how it could be applied in a real-life situation.

Answered: 1 week ago

Question

★★★★★
Parts arrive at a lathe at a rate of 20 every half hour. Each part must be processed on the lathe for 0.5 minutes. What is the utilization for the lathe?

Answered: 1 week ago

Question

★★★★★
(Appendices) Megan, age 24, recently graduated from college. She was insured as a dependent under her fathers group health insurance policy, which provided coverage for her as a student until she...

Answered: 1 week ago

Question

★★★★★
(Appendices) Ethics Some celebrities lend their names to products that later turn out to be ineffective or harmful to consumers. The celebrities are paid to endorse the product by claiming they have...

Answered: 1 week ago

Question

★★★★★
(Appendices) Jeremy, age 45, is the general manager of five fast-food restaurants. Each restaurant has a delivery service for customers who call in orders. Employees drive company cars to deliver the...

Answered: 1 week ago

Previous Question Next Question