Question17 Rendall Ltd. sells only one product which is pur
Question17 Rendall Ltd. sells only one product which is purchased… Question 17Rendall Ltd. sells only one product which is purchased directly from an overseas manufacturer. As they may be delays in receivingorders and RendallLtd. wishes to avoid a stock-out, the inventory budget is set so that, at the beginning of each month, there is sufficient inventoryto cover 50% of the planned currentmonth’s sales.The sales budget has just been completed for the following year and the following extract of the budget lists the sales units for the first four months of the year: JulyAugustSeptemberOctoberSales Units50,00045,00060,00055,000 Inventory on hand at July 1 is expectedto be only 20,000 unitsThe product currently costs $20 per unit but Rendall Ltd. has heard rumours the cost will increaseto $25 from September 1st.Rendall intends to include this rumouredcost change in its Budget Calculate the purchases budget for the quarter ending 30 September, showing quantities and costs. Rendall Ltd.Purchases BudgetJuly – September JulyAugustSeptemberTotalBudgeted sales unit50,00045,00060,000155,000 Add Required closing inventory Total required Less opening inventory Purchases required Unit purchase cost $ Purchase budget $ Accounting Business Financial Accounting ACCOUNTING FNSACC513
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