Homework Answers
Answer :
(a)
| Inventory purchase Budget | April | May | June |
| Budgeted cost of goods sold | $ 77000 | $ 87000 | $ 97000 |
| Add - Ending Inventory | $ 13050 | $ 14550 | $ 15450 |
| Inventory needed | $ 90050 | $ 101550 | $ 112450 |
| Less - Beginning inventory | $ 4600 | $ 13050 | $ 14550 |
| Required purchase ( on account) | $ 85450 | $ 88500 | $ 97900 |
(b)
Ending inventory = $ 15450
(c)
| Schedule of cash payment | April | May | June |
| Payment of current account payable | $ 55542.50 | $ 57525 | $ 63635 |
| Pyament of previous account payable | $ 14800 | $ 29907.50 | $ 30975 |
| Total Budgeted payment for inventory | $ 70342.50 | $ 87432.50 | $ 94610 |
(d)
Account payable = $ 97900*35% = $ 34265
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