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Please assist with the following three questions Metro, Incorporated selis backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro
Please assist with the following three questions
Metro, Incorporated selis backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold, Expected cost of goods sold for April is $75,000. All purchases are made on account with 20% of accounts paid in the month of purchase and the remaining 80% paid in the month following the month of purchase. Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is $12,875. $44,900. $57.775. $64,375. $44,375 $64,375. $56.125. None of the answers is correct. Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $75,000. Based on this information the total amount of expected purchases for February is $12,875 $51,500. $64,375 None of the answers is correct. Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $75,000. All purchases are made on account with 20% of accounts paid in the month of purchase and the remaining 80% paid in the month following the month of purchase. Based on this information the total cash paid in March to settle accounts payable is Step by Step Solution
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