Question: Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare an inventory purchases budget for April,




Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare an inventory purchases budget for April, May, and June. Campbell, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May. Junte, and Juty. Campbell had a beginning inventory balance of $2,800 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Campbell make all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Campbell will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Campbell will report on theyend-of-quarter pro forma balance sheet. Campbell had a beginning inventory balance of $2,800 on April 1 and a beginning balance in accounts payable of $15,500. company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Camp all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 3 in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Campbell will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Campbell will report on the end-of-quarter pro forma balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the amount of ending inventory Campbell will report on the end-of-quarter pro forma balance sheet. Required a. Prepare an inventory purchases budget for April, May, and June, b. Determine the amount of ending inventory Campbell will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Campbell will report on the end-of-quarter pro forma balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollari) Campbell had a beginning inventory balance of $2,800 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Campbell makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Campbell will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Campbell will report on the end-of-quarter pro forma balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the balance in accounts payable Campbell will report on the end-of-quarter pro forma balance sheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
