Stuart, 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 $74,000 $84,000 394,000 $100,000 Stuart had a beginning inventory balance of $3,700 on April 1 and a beginning balance in accounts payable of $14,100. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Stuart makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Stuart 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 Stuart 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 Required Required D Prepare an inventory purchases budget for April, May and Sune. Inventory Purchases Budget Apr May Budgeted cost of goods sold $ 74,000 84.000 $ 4.000 Inventory needed Recured Burst Stuart, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June and July May July Budgeted cost of goods sold $74,000 $84,00 594,000 $100,000 Stuart had a beginning inventory balance of $3.700 on April 1 and a beginning balance in accounts payable of $14300. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Stuart makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Stuart 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 Stuart wil report on the end-of-quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required Required Required D Determine the amount of ending inventory Stuart will report on the end-of-quarter pro forma balance sheet Ending inventory E e 3 Stuart, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April May June and July April May Budgeted cost of goods sold Daily Stuart had a beginning inventory balance of $3.700 on April and a beginning balance in accounts payable of $14.00 The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Start makes al purchases on account. The company pays 60 percent of accounts payable in the more of purchase and the remaining 40 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 Stuart will report on the end of quase pro forma balance sheet Prepare a schedule of cash payments for inventory for April, May, and ine d. Determine the balance in accounts payable Stuart will report on the end of quarter pro forma balance sheet Complete this question by entering your answers in the tabs below Red A Required Required Rewired Prepare a schedule of cash payments for inventory for April May and Sune (round your finales to the nearest whole dolar Schedule of Cash Pay Payment of current accounts payable Payment of previous abie Total Budged Dames for inventory Required)
