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Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:
a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances:
Hillyard Company, an office supplies specialty store, prepares its master
b. Actual sales for December and budgeted sales for the next four months are as follows:
December (actual) . . . . . . . . . . . . . . . $280,000
January . . . . . . . . . . . . . . . . . . . . . . . . $400,000
February . . . . . . . . . . . . . . . . . . . . . . . $600,000
March . . . . . . . . . . . . . . . . . . . . . . . . . $300,000
April . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000
c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.
d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)
e. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month: advertising, $70,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,000 for the quarter.
f. Each month's ending inventory
should equal 25% of the following month's cost of goods sold.
g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month.
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