Please solve for parts A,B,C and D
All are provided below! Thanks!
Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cont of goods sold April $70,000 May $80,000 June $90,000 July $96,000 Rooney had a beginning inventory balance of $2,900 on April 1 and a beginning balance in accounts payable of $14,200. The company desires to maintain an ending Inventory balance equal to 10 percent of the next period's cost of goods sold. Rooney 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 Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget Budgeted cost of goods sold April 70,000 $ May June 80,000 $90,000 $ Inventory needed Required purchases (on account) Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July Budgeted cont of goods sold $70,000 $80,000 $90,000 $96,000 Rooney had a beginning inventory balance of $2,900 on April 1 and a beginning balance in accounts payable of $14,200. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Rooney 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 Rooney 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 Rooney will report on the end of quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of ending inventory Rooney will report on the end-of-quarter pro forma balance sheet. Ending inventory Damoda Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July Budgeted cost of goods sold $70,000 $80,000 $90,000 $96,000 Rooney had a beginning inventory balance of $2,900 on April 1 and a beginning balance in accounts payable of $14,200. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Rooney 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 Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Required C Required May Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar) Schedule of Cash Payments April Jung Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory Rooney, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July Budgeted cost of goods sold $70,000 $80,000 $90,000 $96,000 Rooney had a beginning inventory balance of $2,900 on April 1 and a beginning balance in accounts payable of $14,200. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Rooney 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 Rooney 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 Rooney will report on the end-of-quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Required Required Determine the balance in accounts payable Rooney will report on the end-of-quarter pro forma balance sheet. Accounts payable
