Pro Forma Finanacial Statements- HW multiple choice questions

Aug 6th, 2015
Anonymous
Category:
Accounting
Price: $5 USD

Question description

Please show work and double-check to make sure that it's the correct answer. I only get once chance to submit answer. Thanks!! 


3. (TCO 7) The production budget shows planned sales of 43,000. Beginning inventory is 6,400. Units to be produced are 44,400. What is the desired ending inventory? (Points : 4)

5,000 (a)

6,400 (b)

7,800 (c)

12,800 (d)

4. (TCO 7) If there were 70,000 pounds of raw materials on hand on January 1, 140,000 pounds are desired for inventory at January 31, and 420,000 pounds are required for January production, how many pounds of raw materials should be purchased in January? (Points : 4)

350,000 pounds (a)

560,000 pounds (b)

280,000 pounds (c)

490,000 pounds (d)

5. (TCO 7) XYZ Company expects the following sales and collection pattern for the first four months of the year:
 

Month

Cash Sales

Credit Sales

Total Sales

January

$12,000

$23,000

$35,000

February

$8,000

$22,000

$30,000

March

$9,000

$25,000

$34,000

April

$11,000

$28,000

$39,000


 -5% of credit sales are collected in the same month-75% of sales are collected in the following month-15% of sales are collected in the second following month
What are the projected cash collections for the month of March? (Points : 4)

$17,250 (a)

$21,200 (b)

$30,200 (c)

$41,200 (d)


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