Photo #2 are the options for the drop downs. Photo #3 is the option for the final question.

Spicer Industries prepares budgets to help manage the company. Spicer is budgeting for the fiscal year ended January 31, 2018. During the preceding year ended January 31, 2017, sales totaled $9,700 million and cost of goods sold was $6,400 million. At January 31, 2017, inventory was $1,500 million. During the upcoming 2018 year, suppose Spicer expects cost of goods sold to increase by 12%. The company budgets next year's ending inventory at $1,800 million. Read the requirement. Spicer should purchase $ million worth of inventory during the upcoming year to reach its budget. Sokol Antiques, Inc., began June with inventory of $48,400. The business made net purchases of $51,300 and had net sales of $104,000 before a fire destroyed the company's inventory. For the past several years, Sokol's gross profit percentage has been 35%. Read the requirement. Use the gross margin method to estimate the cost of inventory destroyed. Sokol Antiques, Inc., began June with inventory of $48,400. The business made net purchases of $51,300 and had net sales of $104,000 before a fire destroyed the company's inventory. For the past several years, Sokol's gross profit percentage has been 35%. Read the requirement. Use the gross margin method to estimate the cost of inventory destroyed. Beginning inventory Cost of goods sold: Estimated gross profit of 35% Net purchases Net sales revenue Estimated cost of goods sold Estimated cost of inventory destroyed Another reason that owners and managers use the gross profit method to estimate inventory cost on a regular basis is Sokol Antiques, Inc., began June with inventory of $48,400. The business made net purchases of $51,300 and had net sales of $104,000 before a fire destroyed the company's inventory. For the past several years, Sokol's gross profit percentage has been 35%. Read the requirement. Use the gross margin method to estimate the cost of inventory destroyed. Cost of goods available Estimated cost of goods sold: Less: to calculate the net profit. Estimated cost of goods sold to determine gross sales revenue. Estimated cost of inventory destroyed to test the reasonableness of ending inventory for financial statements. Another reason that owners and managers use the gross profit method to estimate inventory cost on a regular basis is