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Correy Company reported the following information for 2013: October November December Budgeted Sales $462,385 $240,173 $452,184 Budgeted Purchases $271,504 $556,099 $294,544 Cost of goods sold
Correy Company reported the following information for 2013: October November December Budgeted Sales $462,385 $240,173 $452,184 Budgeted Purchases $271,504 $556,099 $294,544 Cost of goods sold is 31% of sales. Correy purchases and pays for merchandise 56% in the month of acquisition and the rest of it in the following month. Accounts payable is used only for inventory acquisitions. The budgeted balance for Accounts Payable at October 31, 2013 is $_______________.
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