Business, 08.04.2020 04:34 raerea2005

KAB Inc., a small retail store, had the following results for May. The budgets for June and July are also given. May (actual) June (budget) July (budget) Sales$42,000 $40,000 $45,000 Less cost of goods sold 21,000 20,000 22,500 Gross margin 21,000 20,000 22,500 Less selling and administrative expenses 20,000 20,000 20,000 Net operating income$1,000 $0 $2,500 Sales are collected 80% in the month of the sale and the balance in the month following the sale. (There are no bad debts.) The goods that are sold are purchased in the month prior to sale. Suppliers of the goods are paid in the month following the sale. The "selling and administrative expenses" are paid in the month of the sale. The cash disbursements during June for goods purchased for sale and for selling and administrative expenses should be: Multiple Choice $43,500 $42,500 $40,000 $41,000

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KAB Inc., a small retail store, had the following results for May. The budgets for June and July are...

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