Sales increase Cost of Sales Ending Inventory Needs 44%, 2019 Expected Sales $ B

Question

Sales increase Cost of Sales Ending Inventory Needs 44%, 2019 Expected Sales $ BB1000 Budgeted Sales and Inventory Purchases for 2018 Quarter 1Quarter 2 Quarter 3 Quarter 4 Year 2019 Quarter 1 $ 555,000 777,000 666,000 99000 s 2.997000 Sales in 2017 Expected sales in 2018 Cost of Sales Beginning Inventory Ending Inwentory Purchases Redo this table, putting formulas in all cells that have the xx For this exercise, assume that sales will increase by 21 percent over 2017, Cost of saies equals 44 percent of sales. Ending inventory should equal 55 percent of the amount needed for next quarter sales needs. Expected sales in the first quarter of 2019 will be $888,000. Make sure that all formulas will adjust for changes in the assumptions noted inside the box. When complete, submit your finished excel assignment to me through e-mail. Round all answers to whole numbers (no decimals).

Explanation / Answer

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Quarter 1 sales 2019 Sales - 2017 $555,000 $777,000 $666,000 $999,000 $2,997,000 Expected Sales in 2018 = Previous year Quarter x 1.21 $671,550 $940,170 $805,860 $1,208,790 $3,626,370 $888,000 Cost of Sales = 44% x Expected Sales $295,482 $413,674.8 $354,578.4 $531,867.6 $1,595,602.8 $390,720 Beginning Inventory $369,352.5 $517,093.5 $443,223 $664,834.5 $369,352.5 Ending Inventory = (55% x next quarter sales) $517,093.5 $443,223 $664,834.5 $488,400 $488,400 Purchases = COGS + (Ending Inventory - Beginning Inventory) $443,223 $339,804.3 $576,189.9 $355,433.1 Beginning Inventory Quarter 1 = $671550 x 55% $369,352.5 Ending Inventory Quarter 4 = $888,000 x 55% $488,400

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