Young Incorporated sells denim jeans. The sales forecast (units) for the coming months is April May June July August 250 230 160 230 150 Each pair of jeans has a cost of $15. The ending inventory policy is 30% of next month's sales needs. April 1 Inventory will be as expected under the policy. Young pays for purchases 80% in the month of purchase and 20% the following month. Accounts payable on April 1 is $410. a. Prepare a merchandise purchases budget for the quarter ending June 30 Note: Deductible values must be indicated with a minus sign. Budgeted unit sales Plus Ending inventory Less Beginning inventory Budgeted purchases (units) Cost of merchandise (per unit) Total cost of merchandise purchases Merchandise Purchases Budget (Jeans) For the Quarter Ending June 30 April May June Total

Young Incorporated sells denim jeans. The sales forecast (units) for the coming months is April May June July August 250 230 160 230 150 Each pair of jeans has a cost of $15. The ending inventory policy is 30% of next month's sales needs. April 1 Inventory will be as expected under the policy. Young pays for purchases 80% in the month of purchase and 20% the following month. Accounts payable on April 1 is $410. a. Prepare a merchandise purchases budget for the quarter ending June 30 Note: Deductible values must be indicated with a minus sign. Budgeted unit sales Plus Ending inventory Less Beginning inventory Budgeted purchases (units) Cost of merchandise (per unit) Total cost of merchandise purchases Merchandise Purchases Budget (Jeans) For the Quarter Ending June 30 April May June Total

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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