Multiple Choice
Warshaw Company budgets payroll at $3300 per month plus a percentage of monthly sales. The June operating expenses budget includes total payroll of $10,900 with budgeted sales of $190,000. Sales for July are budgeted at $130,000 while purchases of inventory for July are budgeted at $940,000. Depreciation and insurance for July are estimated at $600 and $300, respectively. Office and administrative expenses related to purchasing inventory are budgeted at 5% of purchases for the month. The purchase of $2900 in equipment and $1000 in furniture is expected in July. The July payroll should be budgeted at
A) $8500
B) $10,900
C) $13,016
D) $5200
Correct Answer:
Verified
Correct Answer:
Verified
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