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Wallace Company provides the following data for next year: The gross profit rate is 25% of sales. Inventory at the end of December is $26,600

image text in transcribed Wallace Company provides the following data for next year: The gross profit rate is 25% of sales. Inventory at the end of December is $26,600 and target ending inventory levels are 20% of next month's sales, stated at cost. What is the amount of purchases budgeted for February? A. $87,000 B. $89,550 C. $26,600 D. $115,200

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