Homework Answers
| Moore Wholesalers | |
| Purchase Budget | |
| April | |
| Cost of goods sold | 266,600 |
| Add: Ending inventory | 71,300 |
| Total Inventory needed | 337,900 |
| Less: Beginning inventory | -61,318 |
| Purchases | $276,582 |
Cost of goods sold for April = 62% of sales
= 430,000 x 62%
= $266,600
Cost of goods sold for May = 62% of sales
= 500,000 x 62%
= $310,000
Ending inventory for April = 23% of cost of goods sold for May
= 310,000 x 23%
= $71,300
Ending inventory for month of March = 23% of cost of goods sold of April
= 266,600 x 23%
= $61,318
Ending inventory of March is the beginning inventory of April.
Kindly comment if you need further assistance. Thanks‼!
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Budgeted sales are $450,000 for April and $480,000 for May. Cost of
goods sold is expected to be 63% of sales. The company’s desired
ending inventory is 25% of the following month’s cost of goods
sold.
Compute the required purchases for April.
Moore
Wholesalers
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For
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Cost of Goods SoldTotal Inventory RequiredDesired Ending
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Compute the required purchases for April.
Moore
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For
the Quarter EndedFor the Year EndedFor the Month of April
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