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Question 16
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 17

________ set the overall goals and objectives of the organization.

Strategic plans

Capital budgets

Pro forma statements

Continuous budgets

Question 18

All of the following are financial budgets except:

the purchases budget

the capital budget

the cash budget

the budgeted balance sheet

Question 19

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 20

The master budget includes forecasts for all of the following except:

sales

number of employees

balance sheets

cash disbursements

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