Question
Prentice Company provides the following data for next year: Month Budgeted Sales January $126,000 February 111,000 March 134,000 April 147,000 The gross profit rate is
Prentice Company provides the following data for next year:
| Month | Budgeted Sales |
| January | $126,000 |
| February | 111,000 |
| March | 134,000 |
| April | 147,000 |
The gross profit rate is 30% of sales, and target ending inventory levels for each month are 10% of the subsequent month's cost of goods sold. What is the amount of purchases budgeted for February?
79,310
$77,700
$36,180
$97,580
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Internal Audit In Higher Education
Authors: Alison Holmes, Sally Brown
1st Edition
0749433000, 978-0749433000
