The following data apply to the HASF Hardware Store and its 2011 budget Forecast Sales Jan $200,000 Feb $160,000 Mar $180,000 Apr $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account...

The following data apply to the HASF Hardware Store and its 2011 budget

 Other data are as follows:

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  • Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale
  
  
  • Cost of goods sold is 50% of sales
  
  
  • Other variables costs are 30% of sales paid in the month incurred
  
  
  • Inventories are to be 80% of next month’s budgeted sales requirements
  
  
  • Fixed expenses are $15000 per month; all require cash
  
  
  • Credit time period for purchases are 30 days
  
  
  
  

On basis of above information answer following questions

1)
Find Net Profit for the ended of March 2011?

2) Calculate estimated closing inventory in the month of Jan 2011?

3)  Calculate the other variable cost for month of January 2011?

4) Find fixed expense in the month of February?

5)Find how much cash collected in the month of Jan 2011?