Answer the Following Questions Using the Information Below

question 63

Multiple Choice

Answer the following questions using the information below:
The following information pertains to the January operating budget for Casey Corporation, a retailer:
Budgeted sales are $200,000 for January
Collections of sales are 50% in the month of sale and 50% the next month
Cost of goods sold averages 70% of sales
Merchandise purchases total $150,000 in January
Marketing costs are $3,000 each month
Distribution costs are $5,000 each month
Administrative costs are $10,000 each month
-For January,budgeted gross margin is ________.

• A) $100,000
• B) $140,000
• C) $60,000
• D) $50,000

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Definitions:

Daily Work Hours

The number of hours an individual spends on work-related activities within a 24-hour period.

Legal Right

An entitlement under the law that allows a person to act in a certain way or to be treated in a specific manner.

Ethical Terms

Concepts, words, or phrases that are related to principles of right and wrong conduct, morality, and values.

Internal Values

Core beliefs or principles that guide an individual's behavior and decisions from within.