Continuation of SI 0-3: inventory, purchases, and cost of goods sold

(Learning Objective 2)

In SI0-3, Grippers expects cost of goods sold to average 65% of sales revenue and the company expects to sell 4,300 pairs of shoes in March for $240 each. Grippers target ending inventory is $10,000 plus 50% of the next month’s cost of goods sold. Use this information and the sales budget from S10-3 to prepare Grippers’ inven¬ tory, purchases, and cost of goods sold budget for January and February.