Question : 118.Charm Enterprises’ production budget shows the following units to be : 1236726

118.Charm Enterprises’ production budget shows the following units to be produced for the coming three months: 

A.11,352 oz.

B.11,520 oz.

C.7,448 oz.

D.15,384 oz.

E.7,616 oz.

119.Fortune Company’s direct materials budget shows the following cost of materials to be purchased for the coming three months: 

A.$6,500.

B.$9,270.

C.$12,520.

D.$13,095.

E.$18,540.

120.Memphis Company’s May sales budget calls for sales of $900,000. The store expects to begin May with $50,000 of inventory and to end the month with $55,000 of inventory. Gross margin is typically 45% of sales. Compute the budgeted cost of merchandise purchases for May.    

A.$550,000.

B.$500,000.

C.$495,000.

D.$460,000.

E.$490,000.

121.Fortune Company’s direct materials budget shows the following cost of materials to be purchased for the coming three months: 

A.$6,500.

B.$7,075.

C.$12,040.

D.$6,020.

E.$9,270.

122.Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from credit sales for May.    

A.$561,500.

B.$652,500.

C.$817,500.

D.$592,500.

E.$890,000.

30% of May credit sales (30% * 75% * $900,000)202,500

65% of April credit sales (65% * 75% * $800,000)390,000

123.Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales for May.    

A.$561,500.

B.$652,500.

C.$817,500.

D.$592,500.

E.$890,000.

30% of May credit sales (30% * 75% * $900,000)202,500

65% of April credit sales (65% * 75% * $800,000)390,000

124.Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from credit sales for June.    

A.$561,500.

B.$652,500.

C.$817,500.

D.$592,500.

E.$890,000.

30% of June credit sales (30% * 75% * $950,000)213,750

65% of May credit sales (65% * 75% * $900,000)438,750

125.Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales for June.    

A.$561,500.

B.$652,500.

C.$817,500.

D.$592,500.

E.$890,000.

30% of June credit sales (30% * 75% * $950,000)213,750

65% of May credit sales (65% * 75% * $900,000)438,750

126.Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the company’s budgeted balance sheet for June 30.    

A.$561,500.

B.$712,500.

C.$463,125.

D.$496,875.

E.$617,500.

5% of May credit sales (5% * 75% * $900,000)33,750

65% of June credit sales (65% * 75% * $950,000)463,125

127.Ratchet Manufacturing’s August sales budget calls for sales of 8,000 units. Each month’s sales are expected to exceed the prior month’s results by 5%. The product selling price is $25 per unit. The expected total sales dollars for September’s sales budget are:   

A.$200,000.

B.$190,000.

C.$210,000.

D.$220,000.

E.$8,400.