05 Jun Question 1. Cyber Security Systems had sales of 3,000 units
Question
1. Cyber Security Systems had sales of 3,000 units at $50 per unit last year. The marketing manager projects a 20% increase in the unit volume sale this year with a 10% price increase. Returned merchanise will represent 6% of total sales. What is your net dollar sales projection this year?
2-Delsing Plumbing company has beginning inventory of 14,000 units, will sell 50,000 units the the month and desires to reduce ending invetory to 40% of begining inventory. How many units should Delsing produce?
3-At the end of January, Higgins data Systems had an in ventory of 600 units, which cost $16 per unit to produce. during February the company produced 850 units at a cost of $19 per unit. If the firm sold1,100 units in February, what was its cost of goods sold( assume LIFO inventory accounting)
4-Victoria’s apparel has forecast credit sales for the fourth quarter of the year as:
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September( actual) ………..$50,000
FOURTH QUARTER
October……………$40,000
November………….$35,000
December………….$60,000
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Experience has shown that 20% of sales receipts are collected in the month of sales, 70% in the following month and 10% are never collected. Prepare a schedule of cash receipts for Victoria Covering the fourth quarter ( October through December).
5- The Manning company has financial statements as shown below and on page 115, which are representative of the company’s historical average.
The firm is expecting a 20% increased in sales next year, and management is concerned about the company’s for external funds. the increasesd in sales is expected to be carried out without any expansion of fixed assets but rather through more efficient asset utilization in the existing store. Among Liabilities, only current liabilities vary directly with sales. Using the percent of sales method, determine the company has external financial needs , or a surplus( hint: A profit margin and payout ratio should be found from the income statement)
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Income statement
Sales……………………………………………….$200,000
Expenses………………………………………….. 158,000
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Earnings before interest and taxes……………..$42,000
Interest……………………………………………. 7,000
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Earnings before taxes…………………………….$35,000
Taxes………………………………………………. 15,000
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Earning after taxes………………………………..$20,000
Dividends……………………………………………$6,000
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Balance Sheet
Asset Liabilities and stockholder’s Equity
Cash …………………$5,000 Account payable……………$25,000
Account receivable…40,000 Accrued wages……………… 1,000
Inventory…………….75,000 Accrued Taxes…………………2,000
——— ———-
Current assets………$120,000 Current liabilities…………….$ 28,000
Fixed assets………… 80,000 Notes payable…………………….7,000
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Long term debt…………………15,000
Common stock…………………..120,000
Retained earnings……………….30,000
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Total liabilities and
Total assets………….$200,000 stockholders’ equity………..$200,000
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