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Memphis Company's May sales budget calls for sales of $810,000. The store expects to begin May with $41,000 of inventory and to end the month

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Memphis Company's May sales budget calls for sales of $810,000. The store expects to begin May with $41,000 of inventory and to end the month with $46,000 of inventory. Gross margin is typically 40% of sales. Compute the budgeted cost of merchandise purchases for May. $491,000 $324,000. $486,000 $481,000. $329,000

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