Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventorypurchases budget. Thornton's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost ofgoods sold. April's budgeted cost of goods sold is $84,000.Requireda. 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.Reg AReg B and CDetermine 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 firstquarter.b. Cost of goods soldCc.Ending inventory< Req AReg B and C > Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventorypurchases budget. Thornton's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost ofgoods sold. April's budgeted cost of goods sold is $84,000.Requireda. 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 AReq B and CComplete the inventory purchases budget by filling in the missing amounts.Inventory Purchases BudgetJanuaryFebruaryMarchBudgeted cost of goods sold$59,000 $63,000 $69,000Plus: Desired ending inventory9,450Inventory needed68,450Less: Beginning inventory8,850Required purchases (on account)2$59,600< Reg AReg B and c >

Cost of goods sold is the total of cost of goods sold from January till March. Ending inventory is…

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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Summit Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,750 in February. Assume Summit pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $97,350. Prepare a schedule of cash payments for purchases for January and February. Cash Payments January February Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec.—Dec. 31 Accounts Payable, paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Feb. Feb.—Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory
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Please help me with show all calculation thanku
Please help me with show all calculation thanku