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In May 2014, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1.
In May 2014, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.
| 1. | Expected sales: June $510,200, July $620,900. | |
| 2. | Cost of goods sold is expected to be 75% of sales. | |
| 3. | Desired ending merchandise inventory is 30% of the following (next) month |
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Financial Accounting
Authors: Pauline Weetman
6th Edition
0273789252, 978-0273789253
