Homework: Master Budget Problem Part l Score: 0.71 of 12 pts 1 of 1 (1 complete)

Question

Homework: Master Budget Problem Part l Score: 0.71 of 12 pts 1 of 1 (1 complete) &P22A-52B; (book/static) Clipboard Office Supply's March 31, 2014, balance sheet follows (Click the icon to view the balance sheet.) The budget committee of Clipboard Office Supply has assembled the following data 0 (Click the icon to view the data.) Read the requirements $ 48,000 S 50,400 Total budgeted sales Requirement 2. Prepare Clipboard's inventory, purchases, and cost of goods sold budget for April and May Clipboard Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2014 April May Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases 24,000 $ 15,300 39,300 15,000 24,300 25,200 22200 47400 15,300 32100

Explanation / Answer

June sales = 48000*1.1 = 52800 June cost of goods sold = 52800*50% = 26400 May ending inventory=9000+(26400*25%)=15600 April May Cost of goods sold 24000 25200 Plus: Desired ending merchandise inventory 15300 15600 Total merchandise inventory required 39300 40800 Less: Beginning merchandise inventory 15000 15300 Budgeted purchases 24300 25500

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.