Walton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventorypurchases budget. Walton'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 $78,000.Requireda. 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.Req AReq B and CDetermine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the firstquarter.b.Cost of goods soldC.Ending inventory< Req AReg B and C > HomeworkSavedHelpWalton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventorypurchases budget. Walton'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 $78,000.Requireda. 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.Req AReq B and CComplete the inventory purchases budget by filling in the missing amounts.Inventory Purchases BudgetJanuaryFebruaryMarchBudgeted cost of goods sold54,000$58,000 $64,00011,600Inventory needed65,60010,800Required purchases (on account)2$54,800

A financial plan that reports the total estimated costs or units of item inventory that are expected…

Answered: Walton Company sells lamps and other…

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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Kent Company has a sales budget for next month of $1,000,000. Cost of goods sold is expected to be 25 percent of sales. All goods are paid for in the month following purchase. The beginning inventory of merchandise is $50,000, and an ending inventory of $64,000 is desired. Beginning accounts payable is $160,000. For Kent Company, the ending accounts payable should be: Select one: O A. $341,000 B. $414,000 C. $264,000 D. $356,000
Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $440,000 for April and $510,000 for May. Cost of goods sold is expected to be 65% of sales. The company’s desired ending inventory is 24% of the following month’s cost of goods sold.Compute the required purchases for April. Moore WholesalersPurchases Budget For the Month of AprilFor the Quarter EndedFor the Year Ended Beginning InventoryBudgeted Cost of Goods SoldDesired Ending Direct MaterialsDesired Ending InventoryDirect Materials per UnitDirect Materials PurchassRequired Merchandise Purchases for AprilUnits to Be ProducedTotal Inventory Required $ AddLess: Beginning InventoryBudgeted Cost of Goods SoldDesired Ending Direct MaterialsDesired Ending…
Seaworthy Company, a merchandising company, has prepared the following sales budget: Month Budgeted Sales March $200,000.00 April 202,000 May June Cost of goods sold is budgeted at 50% of sales, and the inventory at the end of February was $34,000.00. Desired inventory levels at the end of each month are 10% of the next month's cost of goods sold. What is the desired beginning inventory on June 1? 238,000 256,000 O A. $12,800.00 O B. $118,000.00 OC. $11,900.00 O D. $25,600.00
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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.
Stuart Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Stuart's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of sold. April's budgeted cost of goods sold is $80,000. 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 quar Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) January February March $ 57,000 $…

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