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Exercise 22-29A Merchandising: Computing budgeted accounts payable and purchases-sales forecast in dollars LO P4 Big Sound, a merchandising company specializing in home computer speakers, budgets its monthly cost of goods sold to equal 80% of sales. Its inventory policy calls for ending inventory at the end of each month to equal 10% of the next month's budgeted cost of goods sold. All purchases are on credit, and 10% of the purchases in a month is paid for in the same month. Another 20% is paid for during the first month after purchase, and the remaining 70% is paid for in the second month after purchase. The following sales budgets are set July, $500,000; August. $440,000, September, $470,000; October. $425,000; and November, $415,000 (Hint For part 1. refer to Exhibits 22A.2 and 22A, 3 for guidance, but note that budgeted sales are in dollars for this assignment.) November (1) Compute the budgeted merchandise purchases for July August September, and October July August September October Budgeted ending inventory $ 440.000 $ 470.000 $ 425.000 $ 415,000 Sales (estimated) Required available inventory Budgeted beginning inventory Required purchases $ 0 $ os 0 $ 0 (2) Compute the budgeted payments on accounts payable for September and October ... Purchases paid in Purchases August September July purchases $ 345.300 s 0 August purchases 88,600 310,100 September purchases 46.550 93,100 October After October (2) Compute the budgeted payments on accounts payable for September and October. Purchases paid in Purchases August September July purchases $ 345,800 $ 0 August purchases 88,600 310,100 September purchases 46,550 93,100 October purchases 0 October After October 096 (3) Compute the budgeted ending balances of accounts payable for September and October September Purchases 96 unpaid as of Amount unpaid as September 30 of September 30 July purchases $ 0 August purchases 7096 310.100 September purchases 9096 418,950 September 30 budgeted accounts payable $ 729,050 October Purchases % unpaid as of Amount unpaid as October 31 of October 31 July purchases 096s 0 August purchases 096 0 September purchases 7096 325,850 October purchases 9096 381,600 October 31 budgeted accounts payable $ 707.450 0