Executive officers of Benson Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources: Source of Estimate Sales manager Marketing consultant First Second Third Fourth Quarter Quarter Quarter Quarter $ 389,000 516,000 $ 315,000 $ 280,000 457,000 406,000 $ 471,000 649,000 Benson's past experience indicates that cost of goods sold is about 55 percent of sales revenue. The company tries to maintain 15 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $31,000. Next year's ending inventory is budgeted to be $32,000. Required Prepare an inventory purchases budget using the sales manager's estimate. Prepare an inventory purchases budget using the marketing consultant's estimate.

Executive officers of Benson Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources: Source of Estimate Sales manager Marketing consultant First Second Third Fourth Quarter Quarter Quarter Quarter $ 389,000 516,000 $ 315,000 $ 280,000 457,000 406,000 $ 471,000 649,000 Benson's past experience indicates that cost of goods sold is about 55 percent of sales revenue. The company tries to maintain 15 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $31,000. Next year's ending inventory is budgeted to be $32,000. Required Prepare an inventory purchases budget using the sales manager's estimate. Prepare an inventory purchases budget using the marketing consultant's estimate.

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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