Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Perez Company selts lamps and other lighting fixtures The purchasing department manager prepared the following inventoy purchases budget Perez's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. Apri's budgeted cost of goods sold is $85,000 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. Detemine 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 belovw. Reg A Reg B and C Complete the inventory purchases budget by filling in the missing amounts. Imventory Purchases Budget January February March Budgeted cost of goods sokd $ 57,000 S 61.000 S 67000 9,150 66,150 Inventory needed 8.550

Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Perez Company selts lamps and other lighting fixtures The purchasing department manager prepared the following inventoy purchases budget Perez's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. Apri's budgeted cost of goods sold is $85,000 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. Detemine 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 belovw. Reg A Reg B and C Complete the inventory purchases budget by filling in the missing amounts. Imventory Purchases Budget January February March Budgeted cost of goods sokd $ 57,000 S 61.000 S 67000 9,150 66,150 Inventory needed 8.550

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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Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Rooney Company sells lamps and other lighting fotures. The purchasing department manager prepared the following inventory purchases budget Rooney's policy is to maintain an ending inventory balance equal to 20 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. Red A Rea B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March 550,000 $ 62.000 $ 60.000 Budgeted cost of goods sold
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3. Prepare a direct materials purchases budget for March. Gold Medal Athletic Co.Direct Materials Purchases BudgetFor the Month Ending March 31 Plastic Foam Lining Total Pounds required for production: Batting helmet fill in the blank 18 fill in the blank 19 Football helmet fill in the blank 20 fill in the blank 21 Plus desired inventory, March 31 fill in the blank 22 fill in the blank 23 Total pounds required fill in the blank 24 fill in the blank 25 Less estimated inventory, March 1 fill in the blank 26 fill in the blank 27 Total pounds to be purchased fill in the blank 28 fill in the blank 29 Unit price (per pound) $fill in the blank 30 $fill in the blank 31 Total direct materials to be purchased $fill in the blank 32 $fill in the blank 33 $fill in the blank 34 4. Prepare a direct labor cost budget for March. Gold Medal Athletic Co.Direct Labor Cost BudgetFor the Month Ending March 31 MoldingDepartment…
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