Executive officers of Thornton Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources: First Second Third Fourth Quarter $485,000 658,000 Source of Estimate Sales manager Marketing consultant Quarter $381,000 Quarter $306,000 462,000 Quarter $281,000 419,000 511,000 Thornton's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 15 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $31,000. Next year's ending inventory is budgeted to be $32,000. Required a. Prepare an inventory purchases budget using the sales manager's estimate. b. Prepare an inventory purchases budget using the marketing consultant's estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an inventory purchases budget using the sales manager's estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Quarter Third Quarter Fourth Quarter $ 381,000 $ 306,000 $ 281,000 $ 485,000 Sales Total inventory needed Required purchases O $ O $ %24

ket system My Dispense Academic Calendar Clear my choice My courses (7) Essay Question: (LO# 2) One of the Components of Internal Control is the control activities; which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives. What are the most important control activities (Explain of each of these control activities)? Paragraph B Path: p Which of the following is not a likely source of information to assess fraud risks? く & 8 A 6 7 7 V 1O て (E 3. Y を IT K J H. G J く N !MS

Match each of the components of faithful representation with its definition.Faithful Representation                             Definition1 . Freedom from error      a. All information necessary to describe an item is                                                  reported. 2. Neutrality                       b. Information that does not bias the decision                                                         maker. 3. Completeness                c. Reported amounts reflect the best available                                                        information.

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