Author Question: Senegalese Specialties, a retailer of West African food products, has completed the following sales ... (Read 41 times)

agstelzer01 · **on:** Feb 5, 2023

Senegalese Specialties, a retailer of West African food products, has completed the following sales forecast for the coming year:

January

$37,000

July

$38,000

February

38,000

August

37,000

March

32,000

September

33,000

April

40,000

October

40,000

May

36,000

November

48,000

June

31,000

December

52,000

Senegalese Specialties maintains an ending inventory level of 60 percent of the following month's cost of goods sold. The company's cost of goods sold is 35 percent of sales.

Required:

a.	Prepare Senegalese Specialties purchases budget for June and July. Omit the heading.

Use the following format:

Budgeted sales dollars

×	Cost of goods sold percentage

=	Cost of goods sold

+	Ending inventory

=	Total inventory required

-	Beginning inventory

=	Budgeted purchases

b.	Assuming that Senegalese Specialties pays for 50 percent of its purchases in the

month of purchase and the remaining 50 percent in the month following the purchase, prepare the company's cash payments budget for July. Omit the heading.

bleep bloop · **Reply #1 on:** Feb 5, 2023

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