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 10 percent of the following month's cost goods sold. April's budgeted cost of goods sold is $78,000. 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 quarte Complete this question by entering your answers in the tabs below. Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January Req A Budgeted cost of goods sold Enventory needed Required purchases (on account) $ $ February 56,000 $ 6,000 62,000 5,600 56,400 60,000 $ March 66,000

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 10 percent of the following month's cost goods sold. April's budgeted cost of goods sold is $78,000. 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 quarte Complete this question by entering your answers in the tabs below. Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January Req A Budgeted cost of goods sold Enventory needed Required purchases (on account) $ $ February 56,000 $ 6,000 62,000 5,600 56,400 60,000 $ March 66,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter8: Budgeting For Planning And Control

Section: Chapter Questions

Problem 19E: Tiger Drug Store carries a variety of health and beauty aids, including 500-count bottles of...

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