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Gei Gai Limited has the following budgeted for the following sales for the indicated months of wholesale operations. June July August Sales on account 1800000
Gei Gai Limited has the following budgeted for the following sales for the indicated months of wholesale operations.
June | July | August | |
Sales on account | 1800000 | 1840000 | 1900000 |
Cash Sales | 180000 | 200000 | 260000 |
Total Sales | 1980000 | 2040000 | 2160000 |
All merchandise is marked up to sell at its invoice cost plus 20%. Merchandise inventories at the beginning of each month are at 30% of that months projected cost of goods sold.
How much is the estimated merchandise purchase for July?
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