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Templeton Industries prepares budgets to help manage the company. Templeton is budgeting for the fiscal year ended January 31, 2018. During the preceding year ended
Templeton Industries prepares budgets to help manage the company. Templeton is budgeting for the fiscal year ended January 31, 2018. During the preceding year ended January 31, 2017, sales totaled $9,800 million and cost of goods sold was $6,900 million. At January 31, 2017, inventory was $1,900 million. During the upcoming 2018 year, suppose Templeton expects cost of goods sold to increase by 10%. The company budgets next year's ending inventory at $2,200 million. Read the requirement. Templeton should purchase $ TA million worth of inventory during the upcoming year to reach its budget
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