Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cost of goods sold April $65,000 May $75,000 June $85,000 July $91,000 Rooney had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $15,700. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold, Rooney makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 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 Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Prepare an inventory nurhane hudent for And Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Required Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget April May June Budgeted cost of goods sold $ 65,000 $ 75,000 $ 85,000 Plus: Desired ending inventory Inventory needed 65,000 75,000 85.000 Less: Beginning inventory Required purchases (on account) $ 65,000 $ 75,000 $ 85,000 Required 3. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Determine the amount of ending Inventory Rooney will report on the end-of-quarter pro forma balance sheet. Ending inventory Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) Schedule of Cash Payments April May Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory $ June $ 0 0 $ 0 Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Determine the balance in accounts payable Rooney will report on the end-of-quarter pro forma balance sheet. Accounts payable
