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Budgeting Assignment Acct 322 CA$11.87
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Budgeting Assignment Acct 322

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Budgeting assignment for Managerial Accounting (ACCT 322)

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  • June 12, 2021
  • 7
  • 2020/2021
  • Other
  • Unknown
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ayomideadekogba
Sales and Cost of Goods Sold
October November December January
Sales $ 30,000 $ 20,000 $ 20,000 $ 50,000
Selling Price $ 4 $ 4 $ 4 $ 4
Sales Widgets $ 7,500 $ 5,000 $ 5,000 $ 12,500
Purchases $ 5,000 $ 12,500
Purchase Price $ 2 $ 2
Cost of Goods Sold $ 10,000 $ 25,000




Cash Collection Schedule
January February March Total
60% of current month sales $ 30,000 $ 36,000 $ 18,000 $ 84,000
30% of previous months sale $ 6,000 $ 15,000 $ 18,000 $ 39,000
10% of second previous month sales $ 2,000 $ 2,000 $ 5,000 $ 9,000
Total collections $ 38,000 $ 53,000 $ 41,000 $ 132,000




Purchase Budget
December January February March
Cost of Goods Sold $ 10,000 $ 25,000 $ 30,000 $ 15,000
Add: Desired Ending Inventory $ 31,250 $ 5,000 $ 5,000 $ 5,000
Total needed $ 41,250 $ 30,000 $ 35,000 $ 20,000
Less: Beginning Inventory $ 12,500 $ 5,000 $ 5,000 $ 5,000
Purchases $ 28,750 $ 25,000 $ 30,000 $ 15,000

, February March April
$ 60,000 $ 30,000 $ 36,000
$ 4 $ 4 $ 4
$ 15,000 $ 7,500 $ 9,000
$ 15,000 $ 7,500 $ 9,000
$ 2 $ 2 $ 2
$ 30,000 $ 15,000 $ 4,500




Total
$ 80,000
$ 5,000
$ 85,000
$ 5,000
$ 80,000

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