Eagle Outfitters expects revenue of ($ 2,000) in June, ($ 1,500) in July, and ($ 1,800) in

Question:

Eagle Outfitters expects revenue of $\$ 2,000$ in June, $\$ 1,500$ in July, and $\$ 1,800$ in August for sales of hiking socks. Suppose the cost of goods sold averages $40 \%$ of sales. Beginning inventory in June is expected to be $\$ 100$. Ending inventory is $50 \%$ of next month's cost of goods sold. Prepare an inventory, purchases, and cost of goods sold budget for June and July.

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