Homework Answers
| Part A | |||
| Inventory Purchase Budget | April | May | June |
| Budgeted Cost of goods sold | $ 64,000 | $ 74,000 | $ 84,000 |
| Add:Ending Inventory(10% of next month cost of goods sold) | $ 7,400 | $ 8,400 | $ 9,000 |
| Inventory needed | $ 71,400 | $ 82,400 | $ 93,000 |
| Less:Beginning Inventory | $ -3,700 | $ -7,400 | $ -8,400 |
| Required Purhcase(on account) | $ 67,700 | $ 75,000 | $ 84,600 |
| Part B | |||
| Ending Inventory at end of Quarter 2 =$9,000 | |||
| Part C | |||
| Schedule of Cash Payments | April | May | June |
| Payment of Current Accounts Payable | $ 44,005 | $ 48,750 | $ 54,990 |
| Payment of Previous Accounts Payable | $ 15,700 | $ 23,695 | $ 26,250 |
| Total Budgeted Payments of Inventory | $ 59,705 | $ 72,445 | $ 81,240 |
| Part D | |||
| Accounts Payable at the end of quarter =$84,600*35% =$29,610 | |||
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Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July Budgeted cost of goods sold $77,000 $87,000 $97,000 $100,000 Rooney had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Rooney makes all purchases...
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Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget...
Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April $71,000 May $81,000 June $91,000 July $97,000 Budgeted cost of goods sold Rooney had a beginning inventory balance of $3,900 on April 1 and a beginning balance in accounts payable of $14,000. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Rooney makes all purchases...
Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget...
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Peabody, Inc., sells fireworks. The company's marketing director developed the following cost of goods sold budget...
Peabody, Inc., sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April Budgeted cost of goods $70.000 sold May $80,000 June $90,000 July $96,000 Peabody had a beginning inventory balance of $2,600 on April 1 and a beginning balance in accounts payable of $15,200. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Peabody makes all purchases...
Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July Budgeted cost of goods sold $77,000 $87,000 $97,000 $100,000 Rooney had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Rooney makes all purchases...
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Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April $71,000 May $81,000 June $91,000 July $97,000 Budgeted cost of goods sold Rooney had a beginning inventory balance of $3,900 on April 1 and a beginning balance in accounts payable of $14,000. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Rooney makes all purchases...
Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April $72,000 May $82,000 June $92,000 July $98,000 Rooney had a beginning inventory balance of $3,700 on April 1 and a beginning balance in accounts payable of $14,100. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Rooney makes all purchases...
Campbell, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April $68,000 July $94,000 June Мay $78,000 $88,000 Budgeted cost of goods sold Campbell had a beginning inventory balance of $3,200 on April 1 and a beginning balance in accounts payable of $14,200. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Campbell makes all purchases...
Munoz, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April May June July Budgeted cost of goods sold $79,000 $89,000 $99,000 $105,000 Munoz had a beginning inventory balance of $4,400 on April 1 and a beginning balance in accounts payable of $14,900. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Munoz makes all purchases...
Humboldt, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cost of goods sold April $37,500 May $34,000 June $30,000 July $45,000 Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7,400. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Humboldt makes all purchases...
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Peabody, Inc., sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April Budgeted cost of goods $70.000 sold May $80,000 June $90,000 July $96,000 Peabody had a beginning inventory balance of $2,600 on April 1 and a beginning balance in accounts payable of $15,200. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Peabody makes all purchases...
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