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D D E F G 1 L M Problem 5: Purchase budget and Cash payment schedule Woodwards Inc. is preparing its inventory purchase budget for the second quarter of 20YY, and provided the following sales budget for the second quarter of 20YY. April $500,000 May June $550,000 $600,000 Projected sales The following relevant information are also provided: Budgeted monthly cost of goods sold equals 50% of budgeted monthly sales. Each month's desired ending inventory should be $5,000 plus 15% of the current month's COGS The ending inventory balance at March 31 20YY was $40,000 $ All purchases are made on account The company's suppliers require that 20% of accounts payable are paid during the month of purchase, with the remaining 80% paid in the month after purchase. The outstanding accounts payable at March 31, 20YY was $60,000 which is to be paid in April. 3 Required: Use the Table below to prepare: a Purchase Budget and Cash Payment Schedule for the second quarter of 20YY 8 Solution: Siddique, Salinas Relevant budgeted data to be reported in the Budgeted Income Statement and Budgeted Balance Sheet Inventory purchases budget for Second quarter 20YY April May June $ $ Proforma statement data $ $ Purchase Budget Budgeted cost of goods sold: Desired ending inventory Total inventory needed Less beginning inventory Required inventory purchases Siddique, Salina: Total Budgeted COGS to be reported in the Budgeted Income Statement of the Second Quarter of 20YY. Siddique, Salinas Desired Ending inventory to be reported in the Budgeted Balance Sheet as at Jume 30, 20YY. $ $ $ $ Siddique, Salina: Expected Accounts Payable to be reported in the Budgeted Balance Sheet as at June 30, 20YY. Schedule of cash payments for: Current month's inventory purchases Previous month's inventory purchases Total cash payments for inventory 3 3 3