a. Budgeted monthly absorption costing income statements for April-July are May June July April 700,000 $ 870,000 S 580,

Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter:

a. Budgeted monthly absorption costing income statements for April-July are May June July April 700,000 $ 870,000 S 580,000 $ 480,000 490,000 609,000 406,000 336,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 210,000 261,000 174,000 144,000 69,000 48,000 Selling expense Administrative expense* 88,000 107,000 49,000 42,800 46,000 137,000 173,400 111,800 94,000 $ 73,000 $ 87,600 $ 62,200 50,000 66,400 Total selling and administrative expenses Net operating income Includes $30,000 of depreciation each month.

a. Budgeted monthly absorption costing income statements for April-July are May June July April 700,000 $ 870,000 S 580,000 $ 480,000 490,000 609,000 406,000 336,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 210,000 261,000 174,000 144,000 69,000 48,000 Selling expense Administrative expense* 88,000 107,000 49,000 42,800 46,000 137,000 173,400 111,800 94,000 $ 73,000 $ 87,600 $ 62,200 50,000 66,400 Total selling and administrative expenses Net operating income “Includes $30,000 of depreciation each month.

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