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Engineering, 23.03.2020 20:35 AdoNice

The following information pertains to the January operating budget for Casey Corporation. ∙ Budgeted sales for January $200,000 and February $107,000. ∙ Collections for sales are 40% in the month of sale and 60% the next month. ∙ Gross margin is 25% of sales. ∙ Administrative costs are $11,000 each month. ∙ Beginning accounts receivable is $26,000. ∙ Beginning inventory is $15,000. ∙ Beginning accounts payable is $68,000. (All from inventory purchases.) ∙ Purchases are paid in full the following month. ∙ Desired ending inventory is 25% of next month's cost of goods sold (COGS).

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The following information pertains to the January operating budget for Casey Corporation. ∙ Budgeted...
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