At January 1, 2008, Ceatric, Inc. has beginning inventory of 2,000 surfboards. Ceatric estimates it will sell 5,000 units during the first quarter of 2008 with a 12% increase in sales each quarter. Ceatric’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each surfboard costs $100 and is sold for $150. How much is budgeted sales revenue for the third quarter of 2008?

Sales= $940,800

Explanation:

Giving the following information:

At January 1, 2008, Ceatric, Inc. has beginning inventory of 2,000 surfboards. Ceatric estimates it will sell 5,000 units during the first quarter of 2008 with a 12% increase in sales each quarter. Each surfboard costs $100 and is sold for $150.

First, we need to calculate the number of units sold in the third quarter:

1stQ= 5,000

2ndQ= 5,000*1.12= 5,600

3rdQ= 5,600*1.12= 6,272

Now, the sales revenue:

Sales= 6,272*150= $940,800

Variable costs= 6,272*100= (627,200)

Gross profit= $313,600

the correct answer is:

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