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 $77,000 $87,000 $97,000 $100,000 Rooney had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 15 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 Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget April June Budgeted cost of goods sold $ 77,000 $ 87,000 $ 97,000 May Inventory needed 77.000 87,000 97,000 Required purchases (on account) $ 77,000 $ 87,000 $97.000 Required A Required B > 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 $77,000 $87,000 $97,000 $183,000 Rooney had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 15 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 o. 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 Determine the amount of ending inventory Rooney will report on the end-of-quarter pro forma balance sheet. Ending 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 $77,000 May $87,000 June $97,000 July $103,000 Budgeted cost of goods sold Rooney had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 15 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 a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory $ 0 $ 0 $ 0 April $77,000 May $87,080 June $97,000 July $103,800 Budgeted cost of goods sold Rooney had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $14,800 company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Roc all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 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 balance in accounts payable Rooney will report on the end-of-quarter pro forma balance sheet. Accounts payable
