Homework Answers
Solution 4:
| Purchase Budget - Hickory Company | ||||
| Particulars | July | August | September | Total |
| Budgeted Sales | $96,000.00 | $72,000.00 | $108,000.00 | $276,000.00 |
| Cost of Sales (70% of Sales) | $67,200.00 | $50,400.00 | $75,600.00 | $193,200.00 |
| Add: Desired ending inventory (25% of COGS of next month) | $12,600.00 | $18,900.00 | $14,700.00 | $14,700.00 |
| Cost of goods available for sale | $79,800.00 | $69,300.00 | $90,300.00 | $207,900.00 |
| Less: Opening Inventory | $16,000.00 | $12,600.00 | $18,900.00 | $16,000.00 |
| Budgeted purchases (in dollars) | $63,800.00 | $56,700.00 | $71,400.00 | $191,900.00 |
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