Question
Sherry and John Enterprises are using the kaizen approach to budgeting for 2011. The budgeted income statement for January 2011 is as follows: Sales
Sherry and John Enterprises are using the kaizen approach to budgeting for 2011. The budgeted income statement for January 2011 is as follows: Sales (168,000 units) $1,000,000 Less: Cost of goods sold 600,000 Gross margin 400,000 Operating expenses (includes $50,000 of fixed costs) 300,000 Operating income $ 100,000 Under the kaizen approach, cost of goods sold and variable operating expenses are budgeted to decline by 1% per month. What is budgeted cost of goods sold for March 2011?
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