The accountant for Schulz Ltd compiled the following figures in order to estimate budgeted cash payments for
Question:
The accountant for Schulz Ltd compiled the following figures in order to estimate budgeted cash payments for March and April 2019.
Schulz Ltd uses the following assumptions when preparing budgets. The cost of sales is 60% of sales. The company pays for 60% of its purchases in the month after purchase, 30% in the second month following the purchase and 10% in the third month following the purchase. No discounts are received. It is business policy to maintain a month‐end inventory balance sufficient to meet the projected sales requirement for the following month.
Required
(a) Calculate the budgeted purchases for March and April 2019. Ignore GST.
(b) Prepare a schedule of expected cash payments for purchases for March and April 2019.
Transcribed Image Text:
Purchases for December Purchases for January $156000 149 000 Purchases for February 158 700 Ending inventory - 28 February 131 400 Budget sales: March 248 400 April 223 000 May June 265 000 240000
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