Complete this question by entering your answers in the tabs below. Req A Req B and C Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. b. Cost of goods sold c. Ending inventory 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 Inventory needed Required purchases (on account) $ February 60,000 $ 64,000 $ 70,000 9,600 69,600 9,000 60,600 March
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
-
Complete the inventory purchases budget by filling in the missing amounts.
-
Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.
-
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
Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.
Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first
quarter.
b. Cost of goods sold
c. Ending inventory
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
Inventory needed
Required purchases (on account)
$
February
60,000 $ 64,000 $ 70,000
9,600
69,600
9,000
60,600
March](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5fa70c8e-c2c0-4088-8b85-2c424d967865%2F638bda07-56e8-44f0-88f4-8083eaea12df%2Fsfn3xxe_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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
-
Complete the inventory purchases budget by filling in the missing amounts.
-
Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.
-
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
Answer is complete but not entirely correct.
Complete the inventory purchases budget by filling in the missing amounts.
Inventory Purchases Budget
January
60,000
9,600
69,600
9,000
$ 60,600
Budgeted cost of goods sold
Plus: Desired beginning inventory
Inventory needed
Less: Desired beginning inventory
Required purchases (on account)
$
February
$
64,000 $
10,050 X
74,050 X
9,600
$ 64,450
$
March
70,000
12,300
82,300
10,050
72,250 X](https://content.bartleby.com/qna-images/question/5fa70c8e-c2c0-4088-8b85-2c424d967865/e6ff17a6-7af7-48c6-bb11-fbfa55044fb9/k19arce_thumbnail.png)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)