Question 27 As of December 31, 2008, Stand Still Industries had $1,500 of raw materials inventory. At the beginning of 2008, there was $1,200 of materials on hand. During the year, the company purchased $183,000 of materials; however, it paid for only $175,500. How much inventory was requisitioned for use on jobs during 2008?
Question 28 Diltex Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:-Sales are budgeted at $220,000 for November, $200,000 for December, and $210,000 for January.- Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible.-The cost of goods sold is 65% of sales.- The company desires to have an ending merchandise inventory at the end of each month equal to 50% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase.- Other monthly expenses to be paid in cash are $22,500.-Monthly depreciation is $19,000.- Ignore taxes.