Answer the Following Questions Using the Information Below

question 70

Multiple Choice

Answer the following questions using the information below:
The following information pertains to the January operating budget for Casey Corporation.
• Budgeted sales for January $200,000 and February $100,000.
• 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 is $20,000.
• Beginning inventory is $14,000.
• Beginning accounts payable is $65,000. (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) .
-For January,budgeted cost of goods sold is ________.

• A) $200,000
• B) $140,000
• C) $126,000
• D) $112,000

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Definitions:

Binge Eating Disorder

An eating disorder characterized by recurring episodes of eating large quantities of food in a short period, often to the point of discomfort, but without subsequent purging behaviors.

Bulimia Nervosa

An eating disorder characterized by binge eating followed by purging to try and rid the body of unwanted calories.

Anorexia

An eating disorder characterized by an abnormally low body weight, intense fear of gaining weight, and a distorted perception of body weight or shape.

Bulimia

An eating disorder marked by binge eating followed by purging to prevent weight gain, often through vomiting or using laxatives.