Freighters,Inc A) $23,600
B) $51,700
C) $24,700
D) $4,500

question 59

Multiple Choice

Freighters,Inc.has the following budgeted figures: Calculate the budgeted purchases for the month of January.
$\begin{array}{|l|l|l|l|l}\hline & \text {Jan } & \text { Feb } & \text { Mar } & \text { April } \\\hline \text { Sales } & \$ 56,200 & \$ 68,000 & \$ 82,000 & \$ 91,000 \\\hline \text { Cost of goods sold } & 50 \% \text { of sales } & & & \\\hline & \$ 10,000+20 \% & & & \\& \begin{array}{l}\text { of next month's } \\\text { sales }\end{array} & & & \\\text { Required ending inventory } & & & & \\\hline \text { Inventory on hand on Jan 1 } & \$ 27,000 & & \\ \hline\end{array}$

• A) $23,600
• B) $51,700
• C) $24,700
• D) $4,500

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Definitions:

Financial Statement Components

The main parts of financial statements, including the balance sheet, income statement, statement of cash flows, and statement of changes in equity.

FASB

The Financial Accounting Standards Board, a private, non-profit organization that establishes financial accounting and reporting standards in the U.S.

Comprehensive Income

Comprehensive Income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

IFRS

International Financial Reporting Standards, which is a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.