Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me get the right answer on these 2 questions :((( Chapter 22 Problems Saved Hel Walker Company prepares monthly budgets. The current budget

please help me get the right answer on these 2 questions :(((
image text in transcribed
image text in transcribed
image text in transcribed
Chapter 22 Problems Saved Hel Walker Company prepares monthly budgets. The current budget plans for a September ending merchandise inventory of 30,000 units. Company policy is to end each month with merchandise inventory equal to 15% of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow. The company budgets sales of 200,000 units in October. oints Sales Purchases (Units) 180,000 315,000 (Units) 200,250 308,250 July August eBook September 270,000 259,500 Hnt Prepare the merchandise purchases budgets for the months of July, August, and September. Print WALKER COMPANY References Merchandise Purchases Budget For July, August, and September July August September Budgeted ending inventory units 30,000 Required units of available inventory Units to be purchased 200,250 308.250 259.500 Chapter 22 Problems Saved Help 10 Big Sound, a merchandising company specializing in home computer speakers, budgets its monthly cost of goods sold to equal 70 % of sales. Its inventory policy calls for ending inventory at the end of each month to equal 20% of the next month's budgeted cost of goods sold. All purchases are on credit, and 25% of the purchases in a month is paid for in the same month. Another 60% is paid for during the first month after purchase, and the remaining 15% is paid for in the second month after purchase. The following sales budgets are set: July, $350,000; August, $290,000; September, $320,000; October, $275,000; and November, $265,000. (Hint For part 1, refer to Exhibits 22A.2 and 22A.3 for guidance, but note that budgeted sales are in dollars for this assignment.) 10 points elook Hint (1) Compute the budgeted merchandise purchasees for July, August, September, and October July August September October November Budgeted ending inventory Print Required available inventory References Required purchases (2) Compute the budgeted payments on accounts payable for September and October Purchases paid in Purchases August September October After October July purchases August purchases September purchases October purchases (3) Compute the budgeted ending balances of accounts payable for September and October. Hint % unpaid as of September 30 Amount unpaid as of September 30 September Purchases July purchases Print August purchases September purchases References September 30 budgeted accounts payable % unpaid as of October 31 October Amount unpaid as of October 31 Purchases July purchases August purchases September purchases October purchases October 31 budgeted accounts payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And GRC Automation In SAP

Authors: Maxim Chuprunov

1st Edition

3642353010, 9783642353017

More Books

Students also viewed these Accounting questions

Question

What is the main purpose of the Resource Breakdown Structure?

Answered: 1 week ago