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Category > Management Posted 04 Dec 2017 My Price 8.00

Naftel Company

Exercise 14-7   Preparing an inventory purchases budget

 

Naftel Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Naftel’s policy is to maintain an ending in- ventory balance equal to 10 percent of the following month’s cost of goods sold. April’s bud- geted cost of goods sold is $75,000.

 

 

 

 

 

Budgeted cost of goods sold

January

$50,000

February

$54,000

March

$60,000

Plus: Desired ending inventory

   5,400

     ?    

     ?     

Inventory needed

55,400

?

?

Less: Beginning inventory

   5,000

     ?    

     ?     

Required purchases (on  account)

$50,400

     ?    

     ?     

 

 

 

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 statement.

 

c.     Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.

 

Answers

Maurice Tutor
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Status NEW Posted 04 Dec 2017 09:12 PM My Price 8.00

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