TEST II PROBLEM SOLVING
1. Sales of SciFi Corp are expected to be 6,000 units for the month. The company would like to maintain 15% of unit sales for each month in ending inventory. Beginning inventory is 1,200 units and inventory cost per unit is lower by 20% from the current years cost of production/unit. Following are the cost of production per unit for the year: raw materials/unit is P105.00, labor cost/unit P202.00 and overhead cost/unit is at P83.00. Compute for the following:
· Cost of beginning inventory
· Number of units to produce
· Cost of goods sold
· Cost of ending inventory
2. Callgate Company has forecast credit sales for the fourth quarter of the year:
September 100,000.00
Fourth Quarter:
October 80,000.00
November 70,000.00
December 120,000.00
Based on past experience, 20% of sales are collected in the month of sales, 70% in the following month and 10% are never collected. Prepare a schedule of cash receipts for the company covering the last quarter of the year.
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12000000
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Answer is 12000000
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