January January 20x8, with cash collections averaging $30,000 per month for all

Question

January January 20x8, with cash collections averaging $30,000 per month for all of 20X8. In January 20X9 cash collections are expected to increase to $100,000 per month and continue at that level thereafter. Assume that the company needs enough funding to cover all its cash needs until cash receipts start exceeding cash disbursements. How much venture capital funding should Blake and Anna seek? 7-28 Purchases and Cost of Goods Sold Popeil Products, a wholesaler of fishing equipment, budgeted the following sales for the indicated months August 20x8 $1,910,000 July 20x8 $1 920,000 156,000 $2,076,000 June 20X8 Sales on $1,850,00 Cash sales 130,000 274,000 Total sales $1,980,000 $2,184,000 All merchandise is marked up to sell at its invoice cost plus 20%. Target merchandise inventories at the beginning of each month are 25% of that month's projected cost of goods sold. 1. Compute the budgeted cost of goods sold for the month of June 20Xs. 2 Compute the budgeted merchandise purchases for July 20x8. 1-29 Purchases and Sales Budgets All l sales of Tracy's Jeans and Uniforms (TJU) are made on credit. Sales are billed twice monthly, ge

Explanation / Answer

1) Compute budgeted cost of goods sold :

2. Compute budgeted merchandise purchase :

June 20X8 July 20X8 August 2X8 Cost of goods sold 1980000*100/120=1650000 2076000*100/120=1730000 2184000*100/120=1820000

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