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Business

Accounting

Budgeted purchase ( in units ) for December are

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Franklin Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Franklin's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 56,000 $ 60,000 $ 66,000 Plus: Desired ending inventory 6,000 Inventory needed 62,000 Less: Beginning…
Forecast Sales Volume and Sales Budget For 20Y8, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y8, the following unit sales data were reported for the year: Unit Sales 8" × 10" Frame 12" × 16" Frame East 27,501 11,336 Central 6,767 4,214 West 5,856 3,502 Raphael Frame CompanySales BudgetFor the Year Ending December 31, 20Y8 Product and Area Unit SalesVolume Unit SellingPrice Total Sales 8" × 10" Frame: East 26,700 $14 $373,800 Central 6,700 14 93,800 West 6,100 14 85,400 Total 39,500 $553,000 12" × 16" Frame: East 10,900 $15 $163,500 Central 4,300 15 64,500 West 3,400 15 51,000 Total 18,600 $279,000 Total revenue from sales $832,000 For the year ending December 31, 20Y9, unit sales are expected to follow the patterns established during the year ending December 31, 20Y8. The unit selling price for the…
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Cranes, Inc. provided the following budgeted information for March through July: Projected sales Projected merchandise purchases Inventory at end of month March April May July $85770 $100860 $94300 $108240 $115950 $67240 $59860 $9840 O $4995. O $6890. O $5250. O $3675. $75770 $61750 $11150 $9270 June $54610 $10170 $11730 Cranes estimates that it will collect 30% of its sales in the month of sale and 70% in the month after the sale. General operating expenses are budgeted to be $25420 per month of which depreciation is $25420 of this amount. Crane pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May?
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January $ Budgeted cost of goods sold Plus: Desired beginning inventory Inventory needed Less: Desired beginning inventory Required purchases (on account) $…
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Assume the following informaiton for Greg's Games for the month of June: Budgeted Cost of Goods Sold =$38,000; Desired Ending Merchandise Inventory =$48,000; Beginning Merchandise Inventory = $33,000. Calculate the budgeted purchases for the company in June. A. $43,000 B. $33,000 C. $53,000 D. $38,000
Lexi Company budgets unit sales of 1,200,000 in April, 1,290,000 in May, 470,000 in June, and 1,520,000 in July. Beginning inventory on April 1 is 360,000 units, and the company wants to have 30% of next month’s unit sales in inventory at the end of each month. The merchandise cost per unit is $0.50. Prepare a merchandise purchases budget for the months of April, May, and June.
In May 2022, the budget committee of Blue Spruce, Inc. assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $725,000, July $970,000. 2. Cost of goods sold is expected to be 80% of sales. 3. Desired ending merchandise inventory is 30% of the following month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. (a) Compute the budgeted merchandise purchases for June. BLUE SPRUCE, INC. Merchandise Purchases Budget $
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $77,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.
Montel Company's July sales budget shows sales of $560,000. The company budgets beginning merchandise inventory of $68.00O and ending merchandise inventory of $33,000 for July. Cost of goods sold is 30% of sales. Determine the budgeted cost of merchandise purchases for July. Hint: Use the relation (Beginning Inventory + Purchases - Cost of Goods Sold = Ending Inventory) to solve for purchases. MONTEL COMPANY Budgeted Cost of Merchandise Purchases For Month Ended July