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(Solution Download) Executive officers of Weston Company are wrestling with their budget for the next year. The followin


 

 

 

 

 

 

 

Executive officers of Weston Company are wrestling with their

 

budget for the next year. The following are two different sales

 

estimates provided by two difference sources.

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Source of

 

Estimate

 

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

  Sales manager$450,000$360,000$320,000$540,000
  Marketing

 

consultant

600,000480,000420,000700,000

 

  

 

 

 

 

 

 

 

 

     WestonAc??cs past experience indicates

 

that cost of goods sold is about 60 percent of sales revenue. The

 

company tries to maintain 10 percent of the next quarterAc??cs expected

 

cost of goods sold as the current quarterAc??cs ending inventory. This

 

yearAc??cs ending inventory is $30,000. Next yearAc??cs ending inventory is

 

budgeted to be $36,000.

 

 

  

 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

 

 

 

 

a.

 

Prepare an inventory purchases budget using the sales managerAc??cs

 

estimate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

Sales$450,000$360,000$320,000$540,000

 

 

 

 

 

 

 

 

 

 

Total inventory needed

 

0

 

0

 

0

 

0

 

 

 

 

 

Required purchases$0$0$0$0

 

 

     

 

 

 

 

 

 

 

 

 

 

 

 

b.

 

Prepare an inventory purchases budget using the marketing

 

consultantAc??cs estimate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

Sales$600,000$480,000$420,000$700,000

 

 

 

 

 

 

 

 

 

 

Total inventory needed

 

0

 

0

 

0

 

0

 

 

 

 

 

Required purchases$0$0$0$0

 

 

 

     

 


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