Melissa reviewed her six-month plan for Orchard Creek's Children's Accessory Department, including the actual performance for August and September. She also observed the department's current performance from October 1 through October 15. In her midmonth analysis, Melissa observed the following: Planned sales for October were $7,891 Actual sales from October 1 through October 15 were $3,529 The value merchandise on-order scheduled to arrive before the end of October is $2,749 Planned markdown for October was 1,560 Actual markdown taken from October 1 through October 15 was $715 Stock on hand as of October 15 is valued at $22,160 Planed EOM for October were $18,272

Melissa reviewed her six-month plan for Orchard Creek's Children's Accessory Department, including the actual performance for August and September. She also observed the department's current performance from October 1 through October 15. In her midmonth analysis, Melissa observed the following: Planned sales for October were $7,891 Actual sales from October 1 through October 15 were $3,529 The value merchandise on-order scheduled to arrive before the end of October is $2,749 Planned markdown for October was 1,560 Actual markdown taken from October 1 through October 15 was $715 Stock on hand as of October 15 is valued at $22,160 Planed EOM for October were $18,272

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 22M

See similar textbooks

Similar questions

The management of Sheffield Industries estimates that credit sales for August, September, October, and November will be $525,000, $705,000, $880,000, and $465,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November
In preparation for a new season, a buyer determined a 58% initial markup was required for total purchases for the season in order to meet her gross margin goal of 50%. Her total budget for purchases was $1,923,000 at retail. Upon completion of purchase orders with all vendors, the buyer reviewed all purchases, which amounted to $807,660 at billed cost. At the end of the season, a vendor analysis was conducted to evaluate the purchase versus sales performance of each vendor's merchandise. The analysis revealed the purchase and sales results shown below: Original Retail $87,000 102,000 94,000 98,000 179,000 162,000 235,000 250,000 130,000 187,000 201,000 198,000 1,923,000 Vendor Billed Cost Net Sales Vendor A $86,270 $38,520 43,270 41,270 42,230 74,200 98,420 77,720 81,660 155,750 149,940 199,870 203,800 108,990 137,780 170,980 181,850 1,653,030 Vendor B Vendor C Vendor D Vendor E 68,030 96,990 101,280 52,270 75,320 83,260 91,020 807,660 Vendor F Vendor G Vendor H Vendor I Vendor J…
The management of Marigold Industries estimates that credit sales for August, September, October, and November will be $550,000, $735,000, $885,000, and $480,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November
Munoz Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Munoz's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $75,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) January February $ 57,000 $…
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $77,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January $ Budgeted cost of goods sold Plus: Desired beginning inventory Inventory needed Less: Desired beginning inventory Required purchases (on account) $…
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $83,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 53,000 $ 57,000 $ 63,000 Plus: Desired ending inventory 5,700 Inventory needed Less: Beginning inventory…
Munoz Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Munoz’s policy is to maintain an ending inventory balance equal to 10 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $76,000. Required Complete the inventory purchases budget by filling in the missing amounts. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Inventory Purchases Budget January February March Budgeted cost of goods sold $60,000 $64,000 $70,000 6,400 Inventory needed 66,400 6,000 Required purchases (on account) $60,400 Determine the amount of cost of goods sold the company will report on its first quarter pro…
Franklin Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Franklin's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $79,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 56,000 $ 60,000 $ 66,000 Plus: Desired ending inventory 6,000 Inventory needed 62,000 Less: Beginning…
Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Thornton's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $84,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 59,000 $ 63,000 $ 69,000 Plus: Desired ending inventory 9,450 Inventory needed 68,450 Less: Beginning…
Stuart Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Stuart's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of sold. April's budgeted cost of goods sold is $80,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quar Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) January February March $ 57,000 $…
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney’s policy is to maintain an ending inventory balance equal to 15 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $82,000. Required Complete the inventory purchases budget by filling in the missing amounts. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.