Please answers Required C and D where the X is for it being incorrect. Thank you!
Munoz, 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 $ 73,000 May $83,000 June $93,000 July $99,000 Munoz had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Munoz makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Munoz will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Munoz will report on the end-of-quarter pro forma balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar) April 50,635$ May 54,600$ June 60,840 IS Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory 54,600 X 27,265 29,400 $ 105,235 81,865 90,240 Munoz, 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 $ 73,000 May $83,000 June $93,000 July $99,000 Munoz had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Munoz makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 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 Munoz 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 Munoz will report on the end-of-quarter pro forma balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D Determine the balance in accounts payable Munoz will report on the end-of-quarter pro forma balance sheet Accounts payable $ 90,240
