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Need help on this ASAP Funtime Industries prepares budgets to help manage the company. Funtime is budgeting for the fiscal year ended January 31, 2018.
Need help on this ASAP
Funtime Industries prepares budgets to help manage the company. Funtime is budgeting for the fiscal year ended January 31, 2018. During the preceding year ended January 31, 2017, sales totaled $9,400 million and cost of goods sold was $6,800 million. At January 31,2017 , inventory was $1,500 million. During the upcoming 2018 year, suppose Funtime expects cost of goods sold to increase by 16%. The company budgets next year's ending inventory at $1,800 million. Read the requirement. Funtime should purchase $ million worth of inventory during the upcoming year to reach its budget
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