6 5-31

Data Table Cash sales, 30% Quarter Ended Nine-Month March 31 June 30 September 30 Total $ 33,000 $ 48,000 $ 40,500 $ 121,500 77,000 112,000 94,500 283,500 $ 110,000 $ 160,000 $ 135,000 $ 405,000 Credit sales, 70% Total sales More Info N In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $28,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $210,000 during the fourth quarter. The January 1 inventory was $18,000. Stewart, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: Click the icon to view the budget.) Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period I + Budgeted total sales X = Cost of goods sold COGS cost percentage % 11 Budgeted COGS Amount required in ending inventory total sales percentage Percent required in inventory 10% X 11 40% + Dollar amount Ending inventory 10% of Q2 COGS 8,000 + $ Il Quarter Ended March 31 Cost of goods sold $ 60,000 38,000 Desired ending inventory = Total inventory required Beginning inventory = Purchases r Ended June 30 0 0 00 20 DO September 30 quarters of the year. Nine-Month Total 0 01 DO Data Table Cash sales, 30% Quarter Ended Nine-Month March 31 June 30 September 30 Total $ 33,000 $ 48,000 $ 40,500 $ 121,500 77,000 112,000 94,500 283,500 $ 110,000 $ 160,000 $ 135,000 $ 405,000 Credit sales, 70% Total sales More Info N In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $28,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $210,000 during the fourth quarter. The January 1 inventory was $18,000. Stewart, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: Click the icon to view the budget.) Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period I + Budgeted total sales X = Cost of goods sold COGS cost percentage % 11 Budgeted COGS Amount required in ending inventory total sales percentage Percent required in inventory 10% X 11 40% + Dollar amount Ending inventory 10% of Q2 COGS 8,000 + $ Il Quarter Ended March 31 Cost of goods sold $ 60,000 38,000 Desired ending inventory = Total inventory required Beginning inventory = Purchases r Ended June 30 0 0 00 20 DO September 30 quarters of the year. Nine-Month Total 0 01 DO