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a. a.I am needing assistance with the following. Please advise. 4. Zachary, Incorporated sells fireworks. The company's marketing director developed the following cost of goods
a.
a.I am needing assistance with the following. Please advise.
4.
Zachary, Incorporated sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April May June July Budgeted cost of goods sold $ 77,090 $ 87,000 $ 97,090 $ 103,000 Zachary had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Zachary makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Zachary will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Zachary will report on the end-of-quarter pro forma balance sheet.Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget April May June Budgeted cost of goods sold $ 77,000 $ 87,000 $ 97,000 Inventory needed Required purchases (on account)Required A Required B Required C Required D Determine the amount of ending inventory Zachary will report on the end-of-quarter pro forma balance sheet. Ending inventoryRequired A Required B Required (2 Required D Prepare a schedule of cash payments for inventory for April, May, and June. (Round your nal answers to the nearest whole dollar.) Payment of current aoceunte payable Payment of previous accounts payable Total budgeted payments for inventory Required A Required B Required C Required D Determine the balance in accounts payable Zachary will report on the end-of-quarter pro forma balance sheet. Accounts payableStuart Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April May June Required purchases (on account) $ 188:638 35 126,889 $ 132:638 Stuart Books' accountant prepared the following schedule of cash payments for Inventory purchases. Stuart Books' suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 percent are paid in the month following the month of purchase. Required 3. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro ferma balance sheet at the end of the second quarter. Required A Required B Complete the schedule of cash payments for inventory purchases by lling in the missing amounts. Payment for current accounts payable |Payrnent for previous accounts payable | Total budgeted payments for inventory Required A Required B Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. Accounts payableStep by Step Solution
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