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Slate Electronics sells tablets. Its sales budget for the nine months ended September 30 follows...

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Accounting

Slate Electronics sells tablets. Its sales budget for the nine months ended September 30 follows

In the past, cost of goods sold has been 60% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $10,000 plus20% of cost of goods sold for the following quarter. The marketing director expects sales of$230,000 during the fourth quarter. The January 1 inventory was $25,600.

Slate Electronics

Sales Budget

For the Nine Months Ended September 30

Quarter Ended

Mar 31 Jun 30 Sep 30 Nine-Month Total

Cash sales, 40%. . $52,000 $72,000 $62,000 $186,000

Credits sales, 60%. . . .78,000 108,000 93,000 279,000

Total sales, 100%. . . . .$130,000 $180,000 $155,000 $465,000

Slate Electronics

Cost of Goods Sold, Inventory, and Purchases Budget

For the Nine Months Ended September 30

Quarter Ended

Mar 31 Jun 30 Sep 30 Nine-Month Total

Cost of goods sold

Plus: Desired ending inventory

Total inventory required

Less: Beginning inventory

Purchases

Purchases

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