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Exercise 07-27A Merchandising: Computing budgeted cash payments for purchases LO P4 Hardy Company's cost of goods sold is consistently 70% of sales. The company plans ending merchandise inventory for each month equal to 30% of the next month's budgeted cost of goods sold. All merchandise is purchased on credit, and 50% of the purchases made during a month is paid for in that month. Another 35% is paid for during the first month after purchase, and the remaining 15% is paid for during the second month after purchase. Expected sales are August (actual), $375,000; September (actual), $330,000; October (estimated), $280,000; and November (estimated), $380,000. Use this information to determine October's expected cash payments for purchases. Calculate Monthly Purchases: August September October November Budgeted ending inventory Required available inventory Required purchases Calculate Payments Made for Inventory: ---------- Purchases paid in September October Purchases August After October August purchases September purchases October purchases Determine October's Expected Cash Payments for Purchases. October's expected cash payments for purchases