Homework Answers
| The inventory purchases budget using the sales manager's estimate is shown below | |||||||
| First quarter | Second quarter | Third quarter | Fourth quarter | ||||
| Sales | $378,000 | $319,000 | $277,000 | $484,000 | |||
| Cost of goods sold | $245,700 | $207,350 | $180,050 | $314,600 | |||
| Add: Desired ending inventory | $31,103 | $27,008 | $47,190 | $34,000 | |||
| Total inventory needed | $276,803 | $234,358 | $227,240 | $348,600 | |||
| Less: Beginning inventory | $33,000 | $31,103 | $27,008 | $47,190 | |||
| Required purchases | $243,803 | $203,255 | $200,233 | $301,410 | |||
| Cost of goods sold | |||||||
| 1st quarter | 378000*65% | ||||||
| 2nd quarter | 319000*65% | ||||||
| 3rd quarter | 277000*65% | ||||||
| 4th quarter | 484000*65% | ||||||
| Desired ending inventory | |||||||
| 1st quarter | 207350*15% | ||||||
| 2nd quarter | 180050*15% | ||||||
| 3rd quarter | 314600*15% | ||||||
| 4th Quarter | Given | ||||||
| Beginning inventory for current quarter is ending inventory for previous quarter | |||||||
| The inventory purchases budget using the marketing consultant's estimate is shown below | |||||||
| First quarter | Second quarter | Third quarter | Fourth quarter | ||||
| Sales | $515,000 | $459,000 | $416,000 | $644,000 | |||
| Cost of goods sold | $334,750 | $298,350 | $270,400 | $418,600 | |||
| Add: Desired ending inventory | $44,753 | $40,560 | $62,790 | $34,000 | |||
| Total inventory needed | $379,503 | $338,910 | $333,190 | $452,600 | |||
| Less: Beginning inventory | $33,000 | $44,753 | $40,560 | $62,790 | |||
| Required purchases | $346,503 | $294,158 | $292,630 | $389,810 | |||
| Cost of goods sold | |||||||
| 1st quarter | 515000*65% | ||||||
| 2nd quarter | 459000*65% | ||||||
| 3rd quarter | 416000*65% | ||||||
| 4th quarter | 644000*65% | ||||||
| Desired ending inventory | |||||||
| 1st quarter | 298350*15% | ||||||
| 2nd quarter | 270400*15% | ||||||
| 3rd quarter | 418600*15% | ||||||
| 4th Quarter | Given | ||||||
| Beginning inventory for current quarter is ending inventory for previous quarter | |||||||
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