The purchasing department manager for Thornton Company prepared the following supplies purchases budget. Thorntons policy is to
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Question:
The purchasing department manager for Thornton Company prepared the following supplies purchases budget. Thornton’s policy is to maintain an ending supplies balance equal to 15 percent of the following month’s supplies expense. April’s budgeted supplies expense is $82,000.
Required
Complete the supplies purchases budget by filling in the missing amounts.
Determine the amount of supplies expense the company will report on its first quarter pro forma income statement.
Determine the amount of ending supplies the company will report on its pro forma balance sheet at the end of the first quarter.
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