Do not give image format Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventorypurchases budget. Thornton's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost ofgoods sold. April's budgeted cost of goods sold is $78,000.Requireda. Complete the inventory purchases budget by filling in the missing amounts.b. 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.Complete this question by entering your answers in the tabs below.Req B and Cb. 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 firstquarter.Req Ab. Cost of goods soldc. Ending inventory< Req AReq B and C Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventorypurchases budget. Thornton's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost ofgoods sold. April's budgeted cost of goods sold is $78,000.Requireda. Complete the inventory purchases budget by filling in the missing amounts.b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.Complete this question by entering your answers in the tabs below.Req AReq B and CComplete the inventory purchases budget by filling in the missing amounts.Inventory Purchases BudgetJanuary$Budgeted cost of goods soldPlus: Desired ending inventoryInventory neededLess: Beginning inventoryRequired purchases (on account)$FebruaryMarch56,000 $60,000 $ 66,00012,00068,00011,20056,800< Reg AReq B and C >

Lets understand the basics.Management prepares budget in order to estimate future profit and loss…

Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Thornton's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. 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. Complete this question by entering your answers in the tabs below. Req A Req B and C

Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Thornton's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. 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. Complete this question by entering your answers in the tabs below. Req A Req B and C

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 3PA: Budgeted income statement and supporting budgets The budget director of Birding Homes Feeders Inc.,...

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