Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Um Corporation has provided the following information concerning its raw materials purchases. The budgeted cost of raw materials purchases in November is $286,032. The company pays for 40% of its raw materials purchases in the month of purchase and 60% in the following month. The budgeted accounts payable balance at the end of November is closest to:

Sagot :

abiolataiwo2015

Answer:

$171,619.20

Explanation:

Calculation to determine what The budgeted accounts payable balance at the end of November is closest to:

Using this formula

Budgeted accounts payable balance= Budgeted cost of raw materials purchases in November -(Budgeted cost of raw materials purchases in November*Raw materials purchases in the month of purchase percentage)

Let plug in the formula

Budgeted accounts payable balance=$286,032 - ($286,032*40%)

Budgeted accounts payable balance=$286,032 - $114,412.80

Budgeted accounts payable balance= $171,619.20

Therefore The budgeted accounts payable balance at the end of November is closest to:$171,619.20

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.