ces Baird Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Baird'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 $84,000. 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 $ 51,000 $ 55,000 $ 61,000 Plus: Desired ending inventory 5,500 Inventory needed 56,500 Less: Beginning inventory 5,100 Required purchases (on account). $ 51,400 Story A Req B and C >
ces Baird Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Baird'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 $84,000. 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 $ 51,000 $ 55,000 $ 61,000 Plus: Desired ending inventory 5,500 Inventory needed 56,500 Less: Beginning inventory 5,100 Required purchases (on account). $ 51,400 Story A Req B and C >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
Transcribed Image Text:ces
Baird Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory
purchases budget. Baird'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 $84,000.
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
$
51,000 $
55,000
$
61,000
Plus: Desired ending inventory
5,500
Inventory needed
56,500
Less: Beginning inventory
5,100
Required purchases (on account).
$
51,400
Story A
Req B and C >
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education