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Ch 14 HW - Intro Managerial Accounting Section W01 Sum Thornton, Inc. Seireworks. The company's Markic Connect h 14 HW Saved Help Save & Exit Sub Check my world 2 Thornton, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cost of goods sold April $64,000 May $74,000 June $84,000 July $90,000 oints Skipped Thornton had a beginning inventory balance of $4.500 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Thornton 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. Required eBook a. Prepare an inventory purchases budget for April, May, and June b. Determine the amount of ending inventory Thornton will report on the end of quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Thornton will report on the end-of-quarter pro forma balance sheet. Print o References Complete this question by entering your anlwers in the tabs below. Required A Required B Required Required D Prepare an inventory purchases budget for April, May, and June June Inventory Purchases Budget Budgeted cost of goods sold April May 64,000 $ 74,000 $ 84.000 $ 64.000 74.000 84,000 Inventory needed $ 64,000 $ 74,000 $ 84,000 Required purchases (on account) Reguired) Next >

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