Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.
CHAPTER 6 QUIZ 1. Dewitt Co. budgeted its activity for October 2004 from the following information: Sales are budgeted at $750,000.
CHAPTER 6 QUIZ
1.
Dewitt Co. budgeted its activity for October 2004 from the following information:
•
Sales are budgeted at $750,000. All sales are credit sales and a provision for doubtful
accounts is made monthly at the rate of 2 percent of sales.
•
Merchandise inventory was $120,000 at September 30, 2004, and an increase of $10,000
is planned for the month.
•
All merchandise is marked up to sell at invoice cost plus 50 percent.
•
Estimated cash disbursements for selling and administrative expenses for the month are
$105,000.
•
Depreciation for the month is projected at $25,000.
Dewitt is projecting operating income for October 2004 in the amount of
a.
$105,000.
b.
$119,000.
c.
$129,000.
d.
$230,000.
how do you calculate the cost of good sold?
