Please do not give solution in image format thanku Franklin, Incorporated sells fireworks. The company's marketing director developed the following cost of goods sold budget for April,May, June, and JulyApril$ 72,000May$82,000Budgeted cost of goods soldFranklin had a beginning inventory balance of $3,000 on April 1 and a beginning balance in accounts payable of $15,800. Thecompany desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Franklin makesall purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percentin the month following purchase.Inventory neededRequired purchases (on account)RequiredPrepare an inventory purchases budget for April, May, and June.Determine the amount of ending inventory Franklin will report on the end-of-quarter pro forma balance sheet.Prepare a schedule of cash payments for inventory for April, May, and June.Determine the balance in accounts payable Franklin will report on the end-of-quarter pro forma balance sheet.Complete this question by entering your answers in the tabs below..Prepare an inventory purchases budget for April, May, and June.Inventory Purchases BudgetBudgeted cost of goods soldJune$ 92,000$AprilMayJune$ 72,000 $ 82,000 $92.00072,00082,000 92,000July$ 98,00072,000 $82,000 $92.000Required ARequired B >

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Franklin, Incorporated sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April $ 72,000 May $82,000 June $ 92,000 July $ 98,000 Budgeted coat of goods sold Franklin had a beginning inventory balance of $3,000 on April 1 and a beginning balance in accounts payable of $15,800. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold, Franklin makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the month following purchase. Required Prepare an inventory purchases budget for April, May, and June. Determine the amount of ending inventory Franklin will report on the end-of-quarter pro forma balance sheet. Prepare a schedule of cash payments for inventory for April, May, and June. the end of quarter pro forma balance sheet

Franklin, Incorporated sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April $ 72,000 May $82,000 June $ 92,000 July $ 98,000 Budgeted coat of goods sold Franklin had a beginning inventory balance of $3,000 on April 1 and a beginning balance in accounts payable of $15,800. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold, Franklin makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the month following purchase. Required Prepare an inventory purchases budget for April, May, and June. Determine the amount of ending inventory Franklin will report on the end-of-quarter pro forma balance sheet. Prepare a schedule of cash payments for inventory for April, May, and June. the end of quarter pro forma balance sheet

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 22M

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