Zachary Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory...
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Zachary Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Zachary'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 $85,000. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Inventory Purchases Budget Less: Desired beginning inventory Required purchases (on account) January February March $ 59,000 $ 63,000 $ 69,000 10,350 12,750 9,450 68,450 8,850 $ 59,600 $ 9,450 63,900 10,350 < Req A Req B and C > Zachary Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Zachary'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 $85,000. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Inventory Purchases Budget Less: Desired beginning inventory Required purchases (on account) January February March $ 59,000 $ 63,000 $ 69,000 10,350 12,750 9,450 68,450 8,850 $ 59,600 $ 9,450 63,900 10,350 < Req A Req B and C >
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