Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Me ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $82,000. All pur on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purch Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases Based on this information the total cash paid in March to settle accounts payable is Multiple Choice January February March $46,000 $62,000 $66,000 12,400 $17,300 58,400 (9,200) $49,200

Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Me ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $82,000. All pur on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purch Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases Based on this information the total cash paid in March to settle accounts payable is Multiple Choice January February March $46,000 $62,000 $66,000 12,400 $17,300 58,400 (9,200) $49,200

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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Bramble manufactures competition stunt kites. In November, Joseph Moore prepared the following production budget for the first quarter of the coming year. Desired ending inventory is based on the following month's budgeted sales. January February March Quarter Budgeted sales 42,000 32,000 35,000 109,000 Desired ending inventory 6,400 7,000 2,400 2,400 Kites needed 48,400 39,000 37,400 111,400 Less beginning inventory 8,400 6,400 6,400 8,400 Budgeted production 40,000 32,600 31,000 103,000 Following lower-than-expected sales in December, Jerry conducted an inventory count on January 2 and discovered that the company had 3,000 completed kites on hand. He decided that given the slow sales in December, the company should decrease its desired ending inventory level from 20 to 10% of the next month's sales volume.(a) Prepare a new production budget for the first quarter.…
Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $78,000. All purchases are made on account with 30% of accounts paid in the month of purchase and the remaining 70% paid in the month following the month of purchase. Sales January $ 44,000 February $ 58,000 Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory March $ 64,000 8,700 52,700 (6,600) Required purchases $ 43,900 Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is Multiple Choice $19,830. $46,270. $66,100. None of the answers is correct.
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