QS 22-27A Merchandising: Cash payments for merchandise LO P4 Torres Co. forecasts merchandise purchases of $15,800 in January $17,600 in February, and $21.200 in March: 50% of purchases are paid in the month of purchase and 50% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is $21,000. Prepare a schedule of cash payments for merchandise for each of the months of January, February, and March TORRES CO. Cash Payments for Merchandise (Budgeted) For January, February, and March January February Cash payments for current month's purchases Cash payments for prior month's purchases Budgeted cash payments for purchases March QS 22-29A Merchandising: Computing purchases LO P4 Lexi Company forecasts unit sales of 1,680,000 in April, 1,270,000 in May, 770,000 in June, and 1,600,000 in July, Beginning inventory on April 1 ls 240,000 units, and the company wants to have 40% of next month's sales in inventory at the end of each month. Prepare a merchandise purchases budget for the months of April, May, and June. LEXI COMPANY Merchandise Purchases Budget For April, May, and June April Next month's budgeted sales (units) Ratio of inventory to future sales 1.270,000 40% May 770,000 40% June 1,600,000 40% Required units of available inventory Units to be purchased Karim Corp, requires a minimum $9,100 cash balance. If necessary, loans are taken to meet this requirement at a cost of 2% interest per month (pald monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,500 and the company has no outstanding loans Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Cash receipt Cash payments July $25,100 29,650 August $33,100 31.100 September $41,100 33,100 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be Indicated with minus sign. Round your final answers to the nearest whole dollar) KARIM CORR Cash Budget For July, August, and September July August $ 9.500 September Beginning cash balance Total cash available Preliminary cash balance Ending anh balance Loan balance 5 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month