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Tucker Lighting Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget....
14-7. Tucker Lighting Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Tucker Lightingâs policy is to maintain an ending inventory balance equal to 10 percent of the following monthâs cost of goods sold. Aprilâs budgeted cost of goods sold is $85,000.January February MarchBudgeted cost of goods sold $70,000 $74,000 $80,000Plus: Desired ending inventory $7,400 ? ?Inventory needed $77,400 ? ?Less: Beginning inventory $18, 000 ? ?Required purchases (on account) $59,400 ? ?a. Complete the inventory purchases budget b filling in the missing amountsb. 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.
