Executive officers of Thornton Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources: First Second Third Fourth Quarter $485,000 658,000 Source of Estimate Sales manager Marketing consultant Quarter $381,000 Quarter $306,000 462,000 Quarter $281,000 419,000 511,000 Thornton's past experience indicates that cost of goods sold is about 65 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 a. Prepare an inventory purchases budget using the sales manager's estimate. b. Prepare an inventory purchases budget using the marketing consultant's estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an inventory purchases budget using the sales manager's estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Quarter Third Quarter Fourth Quarter $ 381,000 $ 306,000 $ 281,000 $ 485,000 Sales Total inventory needed Required purchases O $ O $ %24

Executive officers of Thornton Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources: First Second Third Fourth Quarter $485,000 658,000 Source of Estimate Sales manager Marketing consultant Quarter $381,000 Quarter $306,000 462,000 Quarter $281,000 419,000 511,000 Thornton's past experience indicates that cost of goods sold is about 65 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 a. Prepare an inventory purchases budget using the sales manager's estimate. b. Prepare an inventory purchases budget using the marketing consultant's estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an inventory purchases budget using the sales manager's estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Quarter Third Quarter Fourth Quarter $ 381,000 $ 306,000 $ 281,000 $ 485,000 Sales Total inventory needed Required purchases O $ O $ %24

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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