Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney$$s policy is to maintain an ending inventory balance equal to $15$ percent of the following month$$s cost of goods sold. April$$s budgeted cost of goods sold is $$78,000.$

Required

Complete the inventory purchases budget by filling in the missing amounts.

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 first quarter

Answer rating: 100% (QA)

To complete the inventory purchases budget we need to calculate the following 1 Ending Inventory for ... View the full answer