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3. Budget Questions (20 points) The following information pertains to the January operating budget for...

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Accounting

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3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $201,000 and February $101,000. Collections for sales are 40% in the month of sale and 60% the next month. Gross margin is 25% of sales. Administrative costs are $13,000 each month. Beginning accounts receivable is $25,000. Beginning inventory is $17,000. Beginning accounts payable is $73,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 25% of next month's cost of goods sold (COGS). a. What are January budgeted cash collections? b. At the end of January, what is budgeted accounts receivable? c. What is January budgeted cost of goods sold? d. What is January budgeted net income? e. What are January budgeted cash payments for purchases? f. At the end of January, what is budgeted ending inventory

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