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Question 10 In June 2020, the following data was prepared by Chuckie Chams Productions for preparing the merchandise purchases budget for the month of July:
Question 10 In June 2020, the following data was prepared by Chuckie Chams Productions for preparing the merchandise purchases budget for the month of July: 1. 2. 3. 4. Expected sales: June $466,000; July $506,000. Cost of goods sold is expected to be 60% of sales. Desired ending merchandise inventory is 40% of the following month's cost of goods sold. The beginning inventory at July 1 will be the desired amount. Calculate the budgeted merchandise purchases for June. Chuckie Chams Productions Merchandise Purchases Budget For June Budgeted cost of goods sold Add ^Desired ending merchandise inventory Budgeted cost of goods sold Less . Desired beginning merchandise inventory 4 Budgeted merchandise purchases for June
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