ACCOUNTING 321-A 2017 Cash Budget is being prepared for the purchase

by | Mar 18, 2020 | Uncategorized

  
6. A 2017 Cash Budget is being prepared for the purchase of widgets. Budgeted data are:
Cost of Goods Sold (2017) $400,000
Accounts Payable (1/1/2017) $10,000
Inventory (1/1/2017) $50,000
Inventory (12/31/2017) $85,000
Purchases will be made in 12 equal monthly amounts and paid for in the following month. What is the 2017 budgeted cash payment for purchases of these widgets?
a. $399,750
b. $408,750
c. $400,000

d. $475,000
  

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