Complete this question by entering your answers in the tabs below.Reg AReg B and CComplete the inventory purchases budget by filling in the missing amounts.Inventory Purchases BudgetJanuaryFebruaryMarch$68,000Budgeted cost of goods sold$ 50.000 $ 62,00012,400Inventory needed70,40011,600Required purchases (on account)S 58.800Complete this question by entering your answers in the tebs below.Reg ARegand cDetermine the amount of cast of goods sold the company will report on its first quarter pro forma incorse statement.Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the Stquarterb. Cost of goods soldEnding inventoryReq AReq Band C > Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3Rooney Company sells lamps and other lighting fotures. The purchasing department manager prepared the following inventorypurchases budget Rooney's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost ofgoods sold. April's budgeted cost of goods sold is $82,000Requireda. Complete the inventory purchases budget by filling in the missing amountsb. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statementc. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarterComplete this question by entering your answers in the tabs below.Red ARea B and CComplete the inventory purchases budget by filling in the missing amounts.Inventory Purchases BudgetJanuaryFebruary March550,000 $ 62.000 $ 60.000Budgeted cost of goods sold

Inventory purchase budget: It is a budget prepared by the company for knowing the inventory needs in…

Rooney Company sells lamps and other lighting fixtures. 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

Rooney Company sells lamps and other lighting fixtures. 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

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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Montel Company's July sales budget shows sales of $560,000. The company budgets beginning merchandise inventory of $68.00O and ending merchandise inventory of $33,000 for July. Cost of goods sold is 30% of sales. Determine the budgeted cost of merchandise purchases for July. Hint: Use the relation (Beginning Inventory + Purchases - Cost of Goods Sold = Ending Inventory) to solve for purchases. MONTEL COMPANY Budgeted Cost of Merchandise Purchases For Month Ended July
Cullumber Design provided the following budgeted information for April through July: April May June July Projected sales $133120 $157440 $147200 $168960 Projected merchandise purchases $104960 $117760 $99840 $84480 The cash balance on June 1 is $15360. The company pays 40% of merchandise purchases in the month purchased and 60% in the following month. General operating expenses are budgeted to be $39680 per month of which depreciation is $3840 of this amount. Management pays operating expenses in the month incurred. The company makes loan payments of $5120 per month of which $768 is interest and the remainder is principal. How much are budgeted cash disbursements for June? O $110592. O $151552. O $131584. O $80896.
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McMichael Inc. collects 90% of its sales on account in the month of the sale and 10% in the month following the sale. If sales on account are budgeted to be $495,000 for September and $431,000 for October, what are the budgeted cash receipts from sales on account for October?$
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May, $115,000; and June, $125,000. Cash payments for purchases are: 75% in the month of purchase and 25% in the first month after purchase. Purchases for March are $75,000. Prepare a schedule of cash payments for direct materials for April, May, and June. Schedule of Cash Payments for Direct Materials April May Materials purchases Cash payments for: ZISK COMPANY Total cash payments June
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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Old Antique Store prepared the following budget information for the month of May: Sales are budgeted at $303,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month. Inventory was $91,000 on April 30; an inventory increase of $17,000 is planned for May 31. All inventory is marked to sell at cost plus 50 percent. Estimated cash disbursements for selling and administrative expenses for the month are $55,000. Depreciation for May is projected at $6,700. Old Antique's budgeted cost of inventory purchases for May is:Multiple Choice $101,000. $151,500. $203,200. $219,000. $202,000.