The Following Information Pertains to the October Operating Budget for Flockhart

question 117

Multiple Choice

The following information pertains to the October operating budget for Flockhart Corporation.
∙ Budgeted sales for October $100,000 and November $200,000.
∙ Collections for sales are 60% in the month of sale and 40% the next month.
∙ Gross margin is 30% of sales.
∙ Administrative costs are $10,000 each month.
∙ Beginning accounts receivable (October 1) $20,000.
∙ Beginning inventory (October 1) $14,000.
∙ Beginning accounts payable (October 1) $60,000. (All from inventory purchases.)
∙ Purchases are paid in full the following month.
∙ Desired ending inventory is 20% of next month's cost of goods sold (COGS) .
∙ No loans are outstanding on October 1
-At the end of October,budgeted accounts receivable is:

• A)$20,000.
• B)$40,000.
• C)$60,000.
• D)None of the above is correct.

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Definitions:

FLACC Tool

A behavioral scale used to assess pain in children who are unable to verbally communicate, considering factors like facial expression, leg movement, activity, cry, and consolability.

FACES Pain Rating

A visual scale for assessing pain intensity, often using faces ranging from smiling (no pain) to crying (worst pain).

Numeric Scale

A sequence of numbers used to measure or rate the level of something, such as pain.

Oucher Scale

A pain rating scale designed for children, using photographs and numerical scales to quantify pain intensity.