Isaac company has a selling price of 10 per unit and, Ask an Expert

Accounting

1. The following forecasted sales pertain to Isaac Company:

Month Sales
September $180,000
October 200,000
November 160,000
December 140,000

Collection pattern:
55 percent in month of sale
45 percent in month following sale
Accounts Receivable (August 31) $48,000
Finished Goods Inventory (August 31) 19,000

Isaac Company has a selling price of $10 per unit and expects to maintain ending inventories equal to 25 percent of the next month's sales. Calculate the budgeted beginning balance in units for finished goods inventory on November 1?

2. Jasper Company manufactures wooden drawers. The estimated number of drawer sales for the first three months of the current year is:

Month Unit Sales
January 2,000
February 3000
March 2,400

Finished goods inventory at the end of last December was 200 units. Ending finished goods inventory is equal to 25 percent of the next month's sales. Jasper Company expects to sell the brackets for $45 each. How many brackets should Jasper produce in January?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9284201

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