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Super Drive, a computer disk storage and back-up company, uses accrual accounting. The company's Statement of Financial Position for the year ended November 30, is as follows:
Additional information regarding Super Drive's operations include the following: Sales are budgeted at $520,000 for December and $500,000 for January of the next year. Collections are expected to be 60% in the month of sale and 40% in the month following the sale. 80% of the disk drive components are purchased in the month prior to the month of sale, and 20% are purchased in the month of sale. Purchased components are 40% of the cost of goods sold. Payment for the components is made in the month following the purchase. Cost of goods sold is 80% of sales. The projected gross profit for the month ending December 31 isA. $416,000 B. $104,0000 C. $536,000 D. $134,000 |