Homework Answers
Answer : Requirement A
| Inventory Purchase Budget | |||
| January | February | March | |
| Budgeted Cost of goods sold | $51,000 | $55,000 | $61,000 |
| Plus: Desired ending inventory | $5,500 | $6,100 | $7,900 |
| Inventory Needed | $56,500 | $61,100 | $68,900 |
| Less: Beginning inventory | $5,100 | $5,500 | $6,100 |
| Required Purchases ( on account ) | $51,400 | $55,600 | $62,800 |
Answer : Requirement B and C.
| Cost of Goods sold for first quarter | $ 167,000 |
| Ending Inventory for First quarter | $ 7,900 |
Detailed workings as following
Ending inventory
| Material At the end of | COGS for Next Month | Ending Inventory | |||
| January | 10% | x | $ 55,000 | = | $ 5,500 |
| February | 10% | x | $ 61,000 | = | $ 6,100 |
| March | 10% | x | $ 79,000 | = | $ 7,900 |
Cost of Goods sold for first quarter =$51000+ $55000+$61000= $16700
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