Question: Please Make sure to do Req A & Req B and C Solomon Company sells lamps and other lighting fixtures. The purchasing department manager prepared

Please Make sure to do Req A & Req B and C
Please Make sure to do Req A & Req B and C
Solomon Company sells lamps and other lighting fixtures. The purchasing department manager

Solomon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Solomon's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $76,000. 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. Complete this question by entering your answers in the tabs below. ReqA Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 59,000 $ 63,000 $ 69,000 Plus: Desired beginning inventory 6,300 Inventory needed 65,300 Plus: Desired beginning inventory 5,900 Required purchases (on account) 59,400 Complete this question by entering your answers in the tabs below. Reg A Req B and C Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the quarter b. Cost of goods sold c. Ending inventory

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!