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Tremont, Inc., sells tire rims. Its sales budget for the nine months ended September 30 follows:
Quarter Ended
March 31
June 30
September 30
Nine-Month Total
Cash sales, 20% .
$ 24,000
$ 34,000
$ 29,000
$ 87,000
Credits sales, 80%
96,000
136,000
116,000
348,000
Total sales, 100%
$ 120,000
$ 170,000
$ 145,000
$ 435,000
In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $20,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $220,000 during the fourth quarter. The January 1 inventory was $32,000.
Requirement
1. Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine month period.
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