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Spratt, Inc., sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July.
Plus desired Inventory
Inventory Needed
Less Beginning Inventory
Required Purchases
Spratt had a beginning inventory balance of $4,500 on April 1 and a beginning balance in accounts payable of $14,500. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Spratt makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the month following purchase.
Prepare an inventory purchases budget for April, May, and June. (Input all amounts as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
Determine the amount of ending inventory Spratt will report on the end-of-quarter pro forma balance sheet. (Do not round intermediate calculations. Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
Prepare a schedule of cash payments for inventory for April, May, and June. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)
Determine the balance in accounts payable Spratt will report on the end-of-quarter pro forma balance sheet. (Round your intermediate calculations and final answers to the nearest dollar amount.Omit the "$" sign in your response.)
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