Problem 10.12 (102) Budget Relationships The accountant at Supreme Audio resigned while he wasin the midst of preparing the budget for 2021. His work papers indicated the following:Sales in 2020Expected sales in 2021Cost of sales, 2021Beginning inventoryEnding inventoryPurchasesAssumptions:Budgeted Sales and Inventory Purchases for 2021Quarter 1Quarter 2Quarter 3$256,000$300,000$290,000$320,000$$192,000$ 84,000$Quarter 4$368,000$Total$1,214,000RequiredFill in the missing information to determine the sales and purchases budgets for 2021.SSS$Sales will increase by 25 percent over 2020.Cost of sales equals 75 percent of sales.For 2021, ending inventory should equal 35 percent of the cost of sales for the next quarter.Sales in the first quarter of 2022 will be $300,000.

Budgeting is a systematic and strategic financial planning process that involves creating a detailed…

Problem 10.12 (L02) Budget Relationships The accountant at Supreme Audio resigned while he was in the midst of preparing the budget for 2021. His work papers indicated the following: Sales in 2020 Expected sales in 2021 Cost of sales, 2021 Beginning inventory Ending inventory Purchases Assumptions: Budgeted Sales and Inventory Purchases for 2021 Quarter 1 Quarter 2 Quarter 3 $256,000 $300,000 $290,000 $320,000 S $192,000 $ 84,000 $ $ $ $ Quarter 4 $368,000 $ $ Total $1,214,000 Required Fill in the missing information to determine the sales and purchases budgets for 2021. $ $ $ Sales will increase by 25 percent over 2020. Cost of sales equals 75 percent of sales. For 2021, ending inventory should equal 35 percent of the cost of sales for the next quarter. Sales in the first quarter of 2022 will be $300,000.

Problem 10.12 (L02) Budget Relationships The accountant at Supreme Audio resigned while he was in the midst of preparing the budget for 2021. His work papers indicated the following: Sales in 2020 Expected sales in 2021 Cost of sales, 2021 Beginning inventory Ending inventory Purchases Assumptions: Budgeted Sales and Inventory Purchases for 2021 Quarter 1 Quarter 2 Quarter 3 $256,000 $300,000 $290,000 $320,000 S $192,000 $ 84,000 $ $ $ $ Quarter 4 $368,000 $ $ Total $1,214,000 Required Fill in the missing information to determine the sales and purchases budgets for 2021. $ $ $ Sales will increase by 25 percent over 2020. Cost of sales equals 75 percent of sales. For 2021, ending inventory should equal 35 percent of the cost of sales for the next quarter. Sales in the first quarter of 2022 will be $300,000.

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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