Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 points Fanning Company sells lamps and other lighting fixtures. The purchasing department manager prepared

image text in transcribed
image text in transcribed
3 Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 points Fanning Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget . Fanning'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 $79,000 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 Sked Book Complete this question by entering your answers in the tabs below. Hint Rega Reg Band Print References Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold 51.000 $ 55.000 5 61.000 5,500 Inventory needed 56,500 5.100 Required purchases on account) $ 51.400 Melande B. Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Fanning Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget . Fanning'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 $79,000 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. ipped lobook Complete this question by entering your answers in the tabs below. Hid Reg Reg Band Print 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 erences b. Cost of goods sold 6. Ending inventory { RA

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Analytics Strategies And Methods For Detection And Prevention

Authors: Delena D. Spann

1st Edition

111823068X, 978-1118230688

More Books

Students also viewed these Accounting questions

Question

understand the meaning of the terms discipline and grievance

Answered: 1 week ago