Answers
Inventory purchase budget :
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Note 1: calculation of ending inventory for February month -
Ending inventory = cost of goods sold of next month ×15%
= $63000×15%
= $9450
Note 2: calculation of ending inventory of March month -
= $83000 × 15%
= $12450
Note 3: ending inventory of one month becomes the beginning inventory of next month. Therefore, ending inventory of February and March will be $8550 and $9450 respectively.
Amount of cost of goods sold the company will report on its first quarter pro forma income statement = sum of cost of goods sold of Jan, Feb and march.
= $53000+$57000+$63000
= $173000
Amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter = ending inventory of March month.
= $12450 (as per note 2).
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