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7 years ago
Monument Corp. is preparing its budget for the first quarter of 2018. The following data is provided:

Inventory, Purchases, and COGS Budget   Jan    Feb   March
Cost of goods sold (a)   $34,000    $27,000    $22,500
Desired ending inventory (b)   11,750    10,625    ?
Total inventory required   45,750    37,625    
Less: Beginning inventory   (20,000)   (11,750)   
Purchases   25,750    25,875    
(a) COGS = 75% of sales         
(b) $5,000 + 25% of COGS for next month         

April's cost of goods sold is 32,000. The amount of Merchandise Inventory to be shown on the budgeted balance sheet at March 31 would be ________.
A) $34,000
B) $10,625
C) $13,000
D) $11,750
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Deprecated Author
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#2
7 years ago
Makes perfect sense, thx
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