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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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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