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URGENT I REALLY NEED HELP ASAP!!! PLEASE HELP ME ANSWER ALL PARTS (FROM A TO D) CORRECTLY. THANK YOU VERY MUCH, I REALLY REALLY APPRECIATE
URGENT I REALLY NEED HELP ASAP!!! PLEASE HELP ME ANSWER ALL PARTS (FROM A TO D) CORRECTLY. THANK YOU VERY MUCH, I REALLY REALLY APPRECIATE IT :)
Vernon, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cost of goods sold April $71,000 May $81,000 June $91,000 July $97,000 Vernon had a beginning inventory balance of $3,200 on April 1 and a beginning balance in accounts payable of $14,500. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Vernon 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 Vernon 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 Vernon 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 Budgeted cost of goods sold April 71,000 $ May June 81,000 $ 91,000 $ Inventory needed Required purchases (on account) 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 Vernon will report on the end-of-quarter pro forma balance sheet. Ending inventoryStep by Step Solution
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