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NEED THIS ASAP Panther Hardware's forecasted sales for April; May: June; and July are $250,000 $300,000: $170,000; and $230,000 respectively. Sales are 65% cash and
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Panther Hardware's forecasted sales for April; May: June; and July are $250,000 $300,000: $170,000; and $230,000 respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 80% of sales and ending inventory is maintained at $80,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 24% in the month of purchase and 76% in the following month, What is the balance of accounts payable on the June 30 budgeted balance sheet at Panther Hardware? $110,656 $82.688 O $145,600 O $129.200 Step by Step Solution
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