Homework Answers
Requirement A
| Inventory purchases budget | |||
| January | February | March | |
| Budgeted cost of goods sold | $ 58,000.00 | $ 62,000.00 | $ 68,000.00 |
| Plus: Desired ending inventory | $ 9,300.00 | $ 10,200.00 | $ 12,150.00* |
| Inventory needed | $ 67,300.00 | $ 72,200.00 | $ 80,150.00 |
| Less: Beginning inventory | $ 8,700.00 | $ 9,300.00 | $ 10,200.00 |
| Budgeted Purchases | $ 58,600.00 | $ 62,900.00 | $ 69,950.00 |
*81000 x 15%
Requirement B and C
| b | Cost of goods sold | 188,000.00 |
| c | Ending Inventory | $ 12,150.00 |
Working
| b | Cost of goods sold | 188,000.00 | Total cost of goods sold from January till March |
| c | Ending Inventory | $ 12,150.00 | March's ending inventory will be ending inventory of Quarter. |
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Exercise 14.7 Preparing an inventory purchases budget LO 14-3 Rooney Company sells lamps and other lighting...
Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Finch Company sells lamps and other lighting...
Exercise 14-7 Preparing an inventory purchases budget LO
14-3
Finch Company sells lamps and other lighting fixtures. The
purchasing department manager prepared the following inventory
purchases budget. Finch’s policy is to maintain an ending inventory
balance equal to 10 percent of the following month’s cost of goods
sold. April’s budgeted cost of goods sold is $80,000.
Required
Complete the inventory purchases budget by filling in
the missing amounts.
Determine the amount of cost of goods sold the company
will report...
Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Zachary Company sells lamps and other lighting...
Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Zachary Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Zachary's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $85,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company...
Exercise 7-7A Preparing an inventory purchases budget LO 7-3 Zachary Company sells lamps and other lighting...
Exercise 7-7A Preparing an inventory purchases budget LO 7-3 Zachary Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Zachary's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $81,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company...
Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Vernon Company sells lamps and other lighting...
Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following Inventory purchases budget. Vernon's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. Required Required to purchased by a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of...
Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory...
Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Vernon's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
Saved Help Se 3 Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Baird Company sells lamps and othe...
Saved Help Se 3 Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Baird Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Baird's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $76,000. pints Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost...
Exercise 7-7A Preparing an inventory purchases budget LO 7-3 Benson Company sells lamps and other lighting...
Exercise 7-7A Preparing an inventory purchases budget LO 7-3 Benson Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Benson's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $84,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company...
Benson Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory...
Benson Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Benson's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
Perez Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory...
Perez Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Perez's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000. Required a. Complete the inventory purchases budget by filling in the missing amounts b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
Campbell Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory...
Campbell Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Campbell's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
Exercise 14-7 Preparing an inventory purchases budget LO
14-3
Finch Company sells lamps and other lighting fixtures. The
purchasing department manager prepared the following inventory
purchases budget. Finch’s policy is to maintain an ending inventory
balance equal to 10 percent of the following month’s cost of goods
sold. April’s budgeted cost of goods sold is $80,000.
Required
Complete the inventory purchases budget by filling in
the missing amounts.
Determine the amount of cost of goods sold the company
will report...
Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Zachary Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Zachary's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $85,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company...
Exercise 7-7A Preparing an inventory purchases budget LO 7-3 Zachary Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Zachary's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $81,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company...
Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following Inventory purchases budget. Vernon's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. Required Required to purchased by a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of...
Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Vernon's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
Saved Help Se 3 Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Baird Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Baird's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $76,000. pints Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost...
Exercise 7-7A Preparing an inventory purchases budget LO 7-3 Benson Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Benson's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $84,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company...
Benson Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Benson's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
Perez Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Perez's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000. Required a. Complete the inventory purchases budget by filling in the missing amounts b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
Campbell Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Campbell's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income...
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