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Giuntoli Company sells mobile phones worldwide. The company expects to sell 4,700 mobile phones for $160 each in January and 4,300 mobile phones for
Giuntoli Company sells mobile phones worldwide. The company expects to sell 4,700 mobile phones for $160 each in January and 4,300 mobile phones for $230 each in February. All sales are cash only. Giuntoli expects cost of goods sold to average 70% of sales revenue. The company expects to sell 4,600 mobile phones in March for $270 each. Giuntoli's target ending inventory is $9,000 plus 60% of the next month's cost of goods sold. 1. Prepare the sales budget for January and February. 2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February.
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