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Exercise 7-5A (Algo) Determining cash receipts from accounts receivable LO 7-2 00 8.75 points Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $610.000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 23 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $96,900 and is budgeted to be $72,500 as of January 31 Required a. Determine the amount of cash Carmen's Dress Delivery expects to collect from accounts receivable during January 01331 Expected cash collection References Exercise 7-7A (Algo) Preparing an inventory purchases budget LO 7-3 9 875 point Stuart Company sells tamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget Stuart'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 $83,000 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 0155 References Complete this question by entering your answers in the tabs below. Reg A Reg Band Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 56,000 $ 60.000 $66.000 Plus Desired ending inventory 9,000 Inventory needed 65.000 Less: Beginning inventory 8.400 Required purchases (on account) $ 56,600 RA Red Band C > Exercise 7-7A (Algo) Preparing an inventory purchases budget LO 7-3 9 8.75 points Stuart Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Stuart'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 $83,000 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. 2 0153:10 References Complete this question by entering your answers in the tabs below. Req A Red Band 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. b. Cost of goods sold 0. Ending Inventory