Lopez Jones Company has the following information available:....

Problem V 16 Points Lopez Jones Company has the following information available : Month March Budgeted Sales April $150 , 000 May $153, 000 June $151 , 000 July $254, 500 $252, 500 The gross profit ( margin ) rate is 40% and the desired ending inventory level is 20% of the months cost of sales . Required : Prepare and present the purchase budget for the month of May