Spencer company sells lamps and other lighting fixtures. the purchasing department manager prepared the following inventory purchases budget. spencer’s policy is to maintain an ending inventory balance equal to 20 percent of the following month’s cost of goods sold. april’s budgeted cost of goods sold is $77,000.requireda. complete the inventory purchases budget by filling in the missing amounts. jan feb marbudgeted cost of goods sold $55,000 $59,000 $65,000plus: desired ending inventory $11,800 inventory needed $66,800 less: beginning inventory $11,000 required purchases (on account) $55,800 b. determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. cost of goods sold ? c. determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. ending inventory

Herman is covered by a cafeteria plan by his employer. his adjusted gross income (agi) is $100,000. he paid unreimbursed medical premiums in the amount of $10,500 and he itemizes deductions. what amount will herman be able to deduct for his medical insurance premium expenses?

Prepare journal entries for each transaction and identify the financial statement impact of each entry. the financial statements are automatically generated based on the journal entries recorded. apr. 1 tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.apr. 2 the company prepaid $9,000 cash for 12 months' rent for office space. the company's policy is record prepaid expenses in balance sheet accounts.apr. 3 the company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. payment is due within 10 days.apr. 6 the company completed services for a client and immediately received $4,000 cash.apr. 9 the company completed a $6,000 project for a client, who must pay within 30 days.apr. 13 the company paid $11,600 cash to settle the account payable created on april 3.apr. 19 the company paid $2,400 cash for the premium on a 12-month insurance policy. the company's policy is record prepaid expenses in balance sheet accounts.apr. 22 the company received $4,400 cash as partial payment for the work completed on april 9.apr. 25 the company completed work for another client for $2,890 on credit.apr. 28 the company paid $5,500 cash in dividends.apr. 29 the company purchased $600 of additional office supplies on credit.apr. 30 the company paid $435 cash for this month's utility bill.

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