Question
Sander Enterprises prepared the following sales budget: Month Budgeted Sales March $5,000 April $10,000 May $15,000 June $13,000 The expected gross profit rate is 10%
Sander Enterprises prepared the following sales budget:
| Month | Budgeted Sales |
| March | $5,000 |
| April | $10,000 |
| May | $15,000 |
| June | $13,000 |
The expected gross profit rate is 10% and the inventory at the end of February was $11,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold. What is the budgeted cost of goods sold for May?
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Wiley CPAexcel Exam Review April Study Guide Regulation 2017
Authors: Wiley
2nd Edition
1119369436, 978-1119369431
