Homework Answers
Solution:
| Indigo Wholesalers | |
| Purchases Budget | |
| For the month of April | |
| Particulars | Amount |
| Cost of goods sold ($449,300*65%) | $292,045 |
| Add: Desired ending inventory ($513,000*65%*21%) | $70,025 |
| Cost of goods available for sale | $362,070 |
| Less: Ending inventory | $61,329 |
| Budgeted purchases for April | $300,740 |
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Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $450,000 for April and $480,000...
Moore Wholesalers is preparing its merchandise purchases budget.
Budgeted sales are $450,000 for April and $480,000 for May. Cost of
goods sold is expected to be 63% of sales. The company’s desired
ending inventory is 25% of the following month’s cost of goods
sold.
Compute the required purchases for April.
Moore
Wholesalers
Purchases Budget
For
the Quarter EndedFor the Year EndedFor the Month of April
Required Merchandise Purchases for AprilBeginning InventoryBudgeted
Cost of Goods SoldTotal Inventory RequiredDesired Ending
InventoryDirect Materials...
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--/1 Question 1 View Policies Current Attempt in Progress Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $140,000 for April and $520,000 fol May Cost of goods sold is expected to be 61% of sales. The company's desired ending Inventory is 21% of the following month's cost of goods sold. port Compute the required purchases for April Moore Wholesalers Purchases Budget e Textbook and Media Attempts: 0 of 2 used Save for Later Send to Gradebook
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Moore Wholesalers is preparing its merchandise purchases budget.
Budgeted sales are $450,000 for April and $480,000 for May. Cost of
goods sold is expected to be 63% of sales. The company’s desired
ending inventory is 25% of the following month’s cost of goods
sold.
Compute the required purchases for April.
Moore
Wholesalers
Purchases Budget
For
the Quarter EndedFor the Year EndedFor the Month of April
Required Merchandise Purchases for AprilBeginning InventoryBudgeted
Cost of Goods SoldTotal Inventory RequiredDesired Ending
InventoryDirect Materials...
--/1 Question 1 View Policies Current Attempt in Progress Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $140,000 for April and $520,000 fol May Cost of goods sold is expected to be 61% of sales. The company's desired ending Inventory is 21% of the following month's cost of goods sold. port Compute the required purchases for April Moore Wholesalers Purchases Budget e Textbook and Media Attempts: 0 of 2 used Save for Later Send to Gradebook
E8-20 (Algo) Preparing a Merchandise Purchases Budget and a Budgeted Income Statement [LO 8-3h, 8-5) Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $300,000, $270,000, $390,000, and $170,000,...
E8-20 (Algo) Preparing a Merchandise Purchases Budget and a Budgeted Income Statement (LO 8-3h, 8-5] Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via t Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $300,000, $270,000, $390,000, and $170,000...
Exercise 21-20 (Part Level Submission) In May 2017, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $501,000, July $607,300. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. (a) Compute the budgeted...
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