Question 1: Mustang Company has the following data:
The average mark-up on products is 40%, and the inventory at the end of December was $19,000. Desired inventory levels are 30% of next month's sales at cost. ________ is the desired ending inventory for April.
- $25,920
- $17,280
- $43,200
- None of these answers is correct.
Question 2: ________ set the overall goals and objectives of the organization.
- Strategic plans
- Capital budgets
- Pro forma statements
- Continuous budgets
Question 3: All of the following are financial budgets except:
- the purchases budget
- the capital budget
- the cash budget
- the budgeted balance sheet
Question 4: Georgia Company has the following information:
________ is the total estimated cash disbursement in March for the purchase of merchandise.
- $22,500
- $24,750
- $29,500
- $39,000
Question 5: The master budget includes forecasts for all of the following except:
- sales
- number of employees
- balance sheets
- cash disbursements