Widden Company, which sells
electric razors, had $360,000 of cost of goods sold during the
month of June. The company projects a 7 percent increase in cost of
goods sold during July. The inventory balance as of June 30 is
$23,000, and the desired ending inventory balance for July is
$24,000. Widden pays cash to settle 75 percent of its purchases on
account during the month of purchase and pays the remaining 25
percent in the month following the purchase. The accounts payable
balance as of June 30 was $37,000. have to find the amount of
purchases budgeted for July. and the amount of cash payments
budgeted for inventory purchases in July.
Homework Answers
1.
Budgeted purchases = Beginning inventory+Cost of goods sold -Ending inventory
Budgeted purchases = $23,000+(360,000+7%)-24,000
Budgeted purchases = $23,000+385,200-24,000 = $384,200
2.
Cash payments = Beginning accounts payable +Budgeted purchases for July *75%
Cash payments = $37,000+288,150 (384,200*75%) = $325,150
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