EXCISOS Save Help ) cracy 5 Gibson, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for Art, May June and July April May June July Budgeted cost of goods sold $63,000 $73,000 583,000 $89,00 16.66 points doo Print Gibson had a beginning inventory balance of $3,900 on April and a beginning balance in accounts payable of $14.200. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Gibson makes all Durchases 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 Apr May, and June b. Determine the amount of ending inventory Gibson 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 Gibson will report on the end of quarter pro forma balance sheet References Complete this question by entering your answers in the tabs below. Required A Required Required Required Prepare an inventory parchases budget for April, May, and June Inventory Purchases Budget April May June Budgeted cost of goods sold $ 63.000 $ 73.000 $3.000 000 73.000 83.000 Inventory needed Next > ME Graw HII Hely Svet 5 Budgeted cost of goods sold Apris $63,000 May $73,600 June 183,00 Jury $89,000 16.66 points Gibson had a beginning Inventory balance of $3,900 on April 1 and a beginning balance in accounts payable of $4.200. The company desires to maintain an ending Inventory balance equal to 20 percent of the next period's cost of goods sold Gibson 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 Apr May, and June b. Determine the amount of ending inventory Gibson 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 Gibson will report on the end-of-quarter pro forma balance sheet wo Print Refrences Complete this question by entering your answers in the tabs below. Required A Required Revived Recured 0 Determine the amount of ending inventory son will report on the end of quarter preforma dance sheet Endingen MC Chapter 7 HW Problems/Exercises Sere Helio 5 Budgeted cost of goods sold ADELL 563,00 Cho May $23,000 we wy 583,000 $2,000 16.66 points Gibson had a beginning inventory balance of $3.900 on April 1 and a beginning balance in accounts payable of $4,200. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold Gosonmakes purchases on account. The company pays 60 percent of accounts payable in the month of purchase and remain percentis the month following purchase -Book Required a. Prepare an inventory purchases budget for April, May, and June b. Determine the amount of ending Inventory Gibson 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 Gibson will report on the end of quarter pro forma balance sheet Pint References Complete this question by entering your answers in the tabs below. Required A Required Required Recured Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar) April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory O OS MC Graw MIN Chapter 7 HW Problems/Exercises Help 5 Budgeted cost of goods sold Apri $63,00 wy $73.90 une $83,000 189.000 16.66 points Gibson had a beginning Inventory balance of $3.900 on April and a beginning balance in accounts payable of $14.200 The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold son makes purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percentin the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June b. Determine the amount of ending inventory Gibson will report on the end of quarter pro forma balance sheet c. Prepare a schedule of cash payments for inventory for Apr May, and June. d. Determine the balance in accounts payable Gibson will report on the end-of-quarter peo forma balance sheet Book Pent Meterences Complete this question by entering your answers in the tabs below. Required A Required thequired Required Determine the balance in accounts payable Gibson will report on the end of quarter pro forms wance sheet Aeroes paying Bred Mc
