On July 1, 2017, Pina Corporation purchased Young Company by paying $261,500 cash and issuing a $103,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows: Cash $50,200 Accounts payable $204,000
Accounts receivable 91,400 Stockholders' equity 237,400
Inventory 100,000 $441,400
Land 42,000
Buildings (net) 75,800
Equipment (net) 71,000
Trademarks 11,000
$441,400
The recorded amounts all approximate current values except for land (fair value of $60,700), inventory (fair value of $125,000), and trademarks (fair value of $17,120).
Prepare the July 1 entry for Pina Corporation to record the purchase.

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)