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2. (15 pts.) A retailer has the following data: Month May June July Budgeted Sales $46,000 50,000 52,000 48,000 August The cost of goods
2. (15 pts.) A retailer has the following data: Month May June July Budgeted Sales $46,000 50,000 52,000 48,000 August The cost of goods sold percentage is 80% of sales and the desired ending inventory level is 25% of next month's sales at cost. What is the beginning inventory on August 1?
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
8th edition
978-1118953815, 978-1118953907
