.FultonCorporationhadsalesof$60,000inJanuary;$80,000inFebruary;$95,000in March;$115,000inApriland$145,000inMay.Costofgoodssoldhasconsistentlybeenat 70%ofsales.Additionally,Fultonhad$15,000worthofmerchandiseatthestartofJanuary andplansonhavinginventoryonhandworth35%ofnextmonth'scostofgoodssold.Ifall inventorypurchasesarepurchasedandpaidforinthecurrentmonth,calculatetheamountof inventorypurchasedandpaidforinFebruary. 2) FultonCorporationhadsalesof$60,000inJanuary;$80,000inFebruary;$95,000in March;$115,000inApriland$145,000inMay.Costofgoodssoldhasconsistentlybeenat 70%ofsales.Additionally,Fultonhad$15,000worthofmerchandiseatthestartofJanuary andplansonhavinginventoryonhandworth35%ofnextmonth'scostofgoodssold.Ifall inventorypurchasesarepurchasedandpaidforinthecurrentmonth,calculatetheamountof inventorypurchasedandpaidforinMarch. Please elaborate the Questions...
Question:
.FultonCorporationhadsalesof$60,000inJanuary;$80,000inFebruary;$95,000in March;$115,000inApriland$145,000inMay.Costofgoodssoldhasconsistentlybeenat
70%ofsales.Additionally,Fultonhad$15,000worthofmerchandiseatthestartofJanuary
andplansonhavinginventoryonhandworth35%ofnextmonth'scostofgoodssold.Ifall
inventorypurchasesarepurchasedandpaidforinthecurrentmonth,calculatetheamountof
inventorypurchasedandpaidforinFebruary.
2) FultonCorporationhadsalesof$60,000inJanuary;$80,000inFebruary;$95,000in
March;$115,000inApriland$145,000inMay.Costofgoodssoldhasconsistentlybeenat
70%ofsales.Additionally,Fultonhad$15,000worthofmerchandiseatthestartofJanuary
andplansonhavinginventoryonhandworth35%ofnextmonth'scostofgoodssold.Ifall
inventorypurchasesarepurchasedandpaidforinthecurrentmonth,calculatetheamountof
inventorypurchasedandpaidforinMarch.
Please elaborate the Questions
Expert Answer:
