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Homework answers / question archive / Cyber Security Systems had sales of 3,500 units at $75 per unit last year
Cyber Security Systems had sales of 3,500 units at $75 per unit last year. The marketing manager projects a 30 percent increase in unit volume sales this year with a 40 percent price increase. Returned merchandise will represent 8 percent of total sales. What is your net dollar sales projection for this year?#11 On December 31 of last year, Wolfson corporation had in inventory 450 units of its product, which cost $22 per unit to produce. During January, the company produced 850 units at a cost of $25 per unit. Assuming that Wolfson Corporation sold 800 units in January, what was the cost of goods sold (assume FIFO inventory accounting)?#13. At the end of January, Mineral Labs had an inventory of 775 units, which cost $12 per unit to produce. During February, the company produced 900 units at a cost of $16 per unit. If the firm sold 1,500 units in February, what was the cost of goods sold:A. Assume LIFO inventory accountingB. Assume FIFO inventory accounting#24. Graham Potato Company has projected sales of $6,000 in September, $10,000 in October, $16,000 in November, and $12,000 in December. Of the company’s sales, 20 percent are paid for by cash and 80 percent are sold on credit. Experience shows that 40 percent of accounts receivable are paid in the month after the sale, while the remaining 60 percent are paid two months after. Determine collections for November and December.Also assume Graham’s cash payments for November and December are $13,000 and $6,000, respectively. The beginning cash balance in November is $5,000, which is the desired minimum balance.Prepare a cash budget with borrowing needed or repayments for November and December. (You will need to prepare cash receipts schedule first)
| # 6 | #6. Cyber Security Systems had sales of 3,500 units at $75 per unit last year. The marketing manager projects a 30 percent increase in unit volume sales this year with a 40 percent price increase. Returned merchandise will represent 8 percent of total sales. What is your net dollar sales projection for this year? | ||||||||
| Answer: | Description | S.P per unit | Units | Amount | |||||
| Present Sale Revenue | $ 75.00 | 3500 | $ 2,62,500.00 | ||||||
| Less: Sales return @ 8% | $ -21,000.00 | ||||||||
| Present Net sales revenue | $ 2,41,500.00 | ||||||||
| Projected Sales revenue | $ 105.00 | 4550 | $ 4,77,750.00 | ||||||
| Less: Sales return @ 8% | $ -38,220.00 | ||||||||
| Projected Net Sales revenue | $ 4,39,530.00 | ||||||||
| #7 | #11 On December 31 of last year, Wolfson corporation had in inventory 450 units of its product, which cost $22 per unit to produce. During January, the company produced 850 units at a cost of $25 per unit. Assuming that Wolfson Corporation sold 800 units in January, what was the cost of goods sold (assume FIFO inventory accounting)? | ||||||||
| Answer: | Description | Unit price | Qty | Amount | |||||
| First sold 450 units | $ 22.00 | 450 | $ 9,900.00 | ||||||
| Balance from Current Purchase | $ 25.00 | 350 | $ 8,750.00 | ||||||
| Cost of Goods Sold | 800 | $ 18,650.00 | |||||||
| Under the FIFO method, units first available in store will be sold first in order. | |||||||||
| # 13 | #13. At the end of January, Mineral Labs had an inventory of 775 units, which cost $12 per unit to produce. During February, the company produced 900 units at a cost of $16 per unit. If the firm sold 1,500 units in February, what was the cost of goods sold:A. Assume LIFO inventory accounting. Assume FIFO inventory accounting | ||||||||
| Answer: | Cost of Goods Sold under the FIFO method of inventory | ||||||||
| Description | Unit price | Qty | Amount | ||||||
| First sold 775 units | $ 12.00 | 775 | $ 9,300.00 | ||||||
| Balance from Current Purchase | $ 16.00 | 725 | $ 11,600.00 | ||||||
| Cost of Goods Sold | 1500 | $ 20,900.00 | |||||||
| Under the FIFO method, units first available in store will be sold first in order. | |||||||||
| Cost of Goods Sold under the LIFO method of inventory | |||||||||
| Description | Unit price | Qty | Amount | ||||||
| First sold 900 units | $ 16.00 | 900 | $ 14,400.00 | ||||||
| Balance from Current Purchase | $ 12.00 | 600 | $ 7,200.00 | ||||||
| Cost of Goods Sold | 1500 | $ 21,600.00 | |||||||
| Under the LIFO method, units are sold in reverse order of availability. Units received last will be sold first | |||||||||
| #24 | #24. Graham Potato Company has projected sales of $6,000 in September, $10,000 in October, $16,000 in November, and $12,000 in December. Of the company's sales, 20 percent are paid for by cash and 80 percent are sold on credit. Experience shows that 40 percent of accounts receivable are paid in the month after the sale, while the remaining 60 percent are paid two months after. Determine collections for November and December.Also assume Graham's cash payments for November and December are $13,000 and $6,000, respectively. The beginning cash balance in November is $5,000, which is the desired minimum balance.Prepare a cash budget with borrowing needed or repayments for November and December. (You will need to prepare cash receipts schedule first) | ||||||||
| Sales revenue and Cash collection schedule of credit Sale | |||||||||
| Answer: | Description | Sep | Oct | Nov | Dec | ||||
| Cash Sales revenue | $ 1,200.00 | $ 2,000.00 | $ 3,200.00 | $ 2,400.00 | |||||
| Credit Sales revenue | $ 4,800.00 | $ 8,000.00 | $ 12,800.00 | $ 9,600.00 | |||||
| Sales revenue | $ 6,000.00 | $ 10,000.00 | $ 16,000.00 | $ 12,000.00 | |||||
| Cash collection from customers | |||||||||
| 40% of credit Sale(in next month) | N/A | $ 1,920.00 | $ 3,200.00 | $ 5,120.00 | |||||
| 60% of credit sale( after 2 months) | N/A | N/A | $ 2,880.00 | $ 4,800.00 | |||||
| N/A | $ 1,920.00 | $ 6,080.00 | $ 9,920.00 | ||||||
| Cash Budget for two Month Period | |||||||||
| Description | Nov | Dec | |||||||
| Opening Cash Balance | $ 5,000.00 | $ 5,000.00 | |||||||
| Add: Cash from Sales revenue | |||||||||
| Cash Sales in Month | $ 3,200.00 | $ 2,400.00 | |||||||
| Collection from Receivables | $ 6,080.00 | $ 9,920.00 | |||||||
| Less: Cash payament | $ -13,000.00 | $ -6,000.00 | |||||||
| Cash Balance | $ 1,280.00 | $ 11,320.00 | |||||||
| Add: Fund Borrowed | $ 3,720.00 | $ - | |||||||
| Less: Repayment of Borrowing | $ - | $ -3,720.00 | |||||||
| Closing Cash Balance | $ 5,000.00 | $ 7,600.00 | |||||||
