Question

Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July August Ending accounts payable $100,000 $300,000 $160,000 Payments on account $1,550,000 $1,350,000 $1,400,000 Subtotal $1,650,000 $1,650,000 $1,560,000 Beginning accounts payable ($180,000) ($100,000) ($300,000) Purchases $1,470,000 $1,550,000 $1,260,000 Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June July August Beginning inventory $300,000 $300,000 $320,000 Purchases $1,470,000 $1,550,000 $1,260,000 Cost of goods available for sale Ending inventory ($300,000) ($300,000) ($320,000) Cost of goods sold Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances and merchandise inventory balances below. Cash payments on accounts payable during each month are expected to be: May - $1,200,000 June - $1,550,000 July - $1,350,000 August - $1,400,000 Accounts Payable Inventory May 31 $180,000 $290,000 June 30 $100,000 $300,000 July 31 $300,000 $300,000 August 31 $160,000 $320,000 (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July August Ending accounts payable $100,000 $300,000 $160,000 Payments on account $1,550,000 $1,350,000 $1,400,000 Subtotal $1,650,000 $1,650,000 $1,560,000 Beginning accounts payable ($180,000) ($100,000) ($300,000) Purchases $1,470,000 $1,550,000 $1,260,000 (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June July August Beginning inventory $300,000 $300,000 $320,000 Purchases $1,470,000 $1,550,000 $1,260,000 Cost of goods available for sale Ending inventory ($300,000) ($300,000) ($320,000) Cost of goods sold

          Compute the budgeted amounts of merchandise purchases.
Budgeted amounts: June July August Ending accounts payable $100,000 $300,000 $160,000 Payments on account $1,550,000 $1,350,000 $1,400,000 Subtotal $1,650,000 $1,650,000 $1,560,000 Beginning accounts payable ($180,000) ($100,000) ($300,000) Purchases $1,470,000 $1,550,000 $1,260,000

Compute the budgeted amounts of cost of goods sold.
Budgeted amounts: June July August Beginning inventory $300,000 $300,000 $320,000 Purchases $1,470,000 $1,550,000 $1,260,000 Cost of goods available for sale Ending inventory ($300,000) ($300,000) ($320,000) Cost of goods sold

Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances and merchandise inventory balances below. Cash payments on accounts payable during each month are expected to be: May - $1,200,000 June - $1,550,000 July - $1,350,000 August - $1,400,000

Accounts Payable Inventory
May 31 $180,000 $290,000
June 30 $100,000 $300,000
July 31 $300,000 $300,000
August 31 $160,000 $320,000

(1) Compute the budgeted amounts of merchandise purchases.
Budgeted amounts: June July August
Ending accounts payable $100,000 $300,000 $160,000
Payments on account $1,550,000 $1,350,000 $1,400,000
Subtotal $1,650,000 $1,650,000 $1,560,000
Beginning accounts payable ($180,000) ($100,000) ($300,000)
Purchases $1,470,000 $1,550,000 $1,260,000

(2) Compute the budgeted amounts of cost of goods sold.
Budgeted amounts: June July August
Beginning inventory $300,000 $300,000 $320,000
Purchases $1,470,000 $1,550,000 $1,260,000
Cost of goods available for sale
Ending inventory ($300,000) ($300,000) ($320,000)
Cost of goods sold

1 compute the budgeted amounts of merchandise purchases budgeted amounts june july august ending accounts payable 100000 300000 160000 payments on account 1550000 1350000 1400000 subtotal 16 54187

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