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1. Question: The following information is used for Lucky’s Inc.’s monthly master budget………………..
• Sales are 25% cash and 75% on credit. All credit sales are collected in the following month. There are no bad debts.
• Gross margin percentage is 60% of sales.
• The desired ending inventory is expected to be 20% of the following month’s cost of goods sold. One fifth of the purchases are paid for in the month of purchase, and the remaining balance is purchased on credit and paid in the following month.
• The monthly cash operating expenses are $80,000, including the monthly depreciation expense of $7,000.
• During July, Lucky’s Inc. will purchase new office equipment for $17,000 cash.
• Dividends of $13,500 were declared and paid in July.