Question
A retailer predicts sales of $400,000 for August. Cost of goods sold is 60% of sales. Merchandise inventory is forecast at $50,000 for August 1.
A retailer predicts sales of $400,000 for August. Cost of goods sold is 60% of sales. Merchandise inventory is forecast at $50,000 for August 1. Target ending inventory for August is $60,000.
Determine the cost of merchandise to be purchased in August.
a. 170,000
b. 230,000
c. 250,000
d. 390,000
e. none of the above
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Principles Of Accounting
Authors: Steven M. Bragg
1st Edition
1642210773, 978-1642210774
