Johnson Incorporated produces leather handbags. Johnson Incorporated estimates it will use 3,600 square meters of leather in production in August, and 4,400 square meters of leather in production in September. Johnson Incorporated's ending leather inventory policy is 25% of next month's production needs. What will leather purchases be in August? Multiple Choice О 3,400 square meters О 3,600 square meters О 3,800 square meters О 4,700 square meters
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- Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is 30. The cost of holding one unit of inventory for one year is 15.00. Currently, Ottis places 160 orders of 4,000 plastic housing units per year. Required: 1. Compute the annual ordering cost. 2. Compute the annual carrying cost. 3. Compute the cost of Ottiss current inventory policy. Is this the minimum cost? Why or why not?Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?
- Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is 30. The cost of holding one unit of inventory for one year is 15.00. Currently, Ottis places 160 orders of 4,000 plastic housing units per year. Required: 1. Compute the economic order quantity. 2. Compute the ordering, carrying, and total costs for the EOQ. 3. How much money does using the EOQ policy save the company over the policy of purchasing 4,000 plastic housing units per order?Ecology Co. sells a biodegradable product called Dissol and has predicted the following sales for the first four months of the current year: Sales in units O 3,010 O 3,100 O 3,190 O 2,830 O 3,700 Jan. 2,500 Ending inventory for each month should be 15% of the next month's sales, and the December 31 inventory is consistent with that policy. How many units should be purchased in February? Question 8 Feb. 3,100 March. 3,700 April. 2,800 F6 F7 F8Johnson Inc. produces leather handbags. Johnson Inc. estimates it will use 4,100 square meters of leather in production in August, and 4,500 square meters of leather in production in September. Johnson Inc.'s leather inventory policy is 40% of next month's production needs. What will leather purchases be in August? Multiple Choice 5,900 square meters 4,100 square meters 3,940 square meters 4,260 square meters
- Abc retailing company prices it's products by adding 30% to its cost.abc anticipates sales of $ 715000 in July. $728000 in August & $ 624000 in September. Abc policy is to have on hand enough inventory at the end of the month to cover 25% of the next month's sales.what will be the cost of the inventory that abc should budget for purchase in August?D’Lightful Wheels Co. (DWC) manufactures bicycles. It expects to sell 20,000 bicycles in April and had 1,200 bicyclesin finished goods inventory at the end of March. DWC would like to complete operations in April with at least 1,500 completed bicycles in inventory. The bicycles sell for $100 each. How many bicycles would be produced in April? Question 18 options: 1) 20,000 bicycles 2) 20,300 bicycles 3) 19,700 bicycles 4) 18,800 bicyclesLee Retailing Company prices its products by adding 30% to its cost. Lee anticipates sales of $1,072,500 in July, $1,092,000 in August, and $936,000 in September. Lee's policy is to have on hard enough invertory at the end of the month to cover 25% of the next month's sales. What will be the cost of the inventory that Lee should budget for purchase in August? Select one: O O O a. $840,000 b. $810,000 c. $1,020,000 d. $764,400
- Neat Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,009,000 in September, $2,250,000 in October, $2,378,000 in November, and $2,560,000 in December. Neat Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $440,000 plus 10% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November.College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,230,000 in October, $2,376,000 in November, and $2,520,000 in December. College Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $435,000 plus 15% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November. College Logos Cost of Goods Sold, Inventory, and Purchases Budget For the Months of October and November October Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases NovemberXYZ Company prices its products by adding 30% to its cost. XYZ anticipates sales of $715,000 in March, $728,000 in April, and $624,000 in May. XYZ’s policy is to have on hand enough inventories at the end of the month to cover 25% of the next month’s sales. What will be the cost of the inventory that ABC should budget for purchases in April? Solution: Cost of Inventory = Sales price/1.3 March cost of inventory $715,000/1.3 $550,000 April cost of inventory $728,000/1.3 $560,000 May cost of inventory $624,000/1.3 $480,000 Ending Inventory = Beginning inventory + purchases – cost of goods sold (cogs) April ending inventory $480,000 x 25% $120,000 Beginning inventory $560,000 x 25% $140,000 $120,000 = $140,000 + purchases – cost of goods sold (cogs)