Complete this question by entering your answers in the tabs below. Req A Req B and C 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. b. Cost of goods sold c. Ending inventory 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 Inventory needed Required purchases (on account) $ February 60,000 $ 64,000 $ 70,000 9,600 69,600 9,000 60,600 March
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
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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.
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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.
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