Business, 02.04.2020 20:07 maliyahclays

Bramble Corporation is a small wholesaler of gourmet food products.

Data regarding the store's operations follow: Sales are budgeted at $340,000 for November, $320,000 for December, and $310,000 for January.

Collections are expected to be 80% in the month of sale and 20% in the month following the sale.

The cost of goods sold is 75% of sales. The company would like maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold.

Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $24,000. Monthly depreciation is $15,000. Ignore taxes. Balance Sheet October 31

Assets Cash $ 20,000

Accounts receivable 70,000

Merchandise inventory 153,000

Property, plant and equipment, net of $572,000

accumulated depreciation 1,094,000

Total assets $ 1,337,000

Liabilities and Stockholders' Equity Accounts payable $ 254,000

Common stock 820,000

Retained earnings 263,000

Total liabilities and stockholders' equity $ 1,337,000

The cost of December merchandise purchases would be: Multiple Choice

a. $240,000

b. $255,000

c. $139,500

d. $235,500

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Bramble Corporation is a small wholesaler of gourmet food products.

Data regarding the s...

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