(Solution Download) Renovation Lighting Supply plans inventory levels (at cost) at the end of each month as follows:...
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7-33 Purchases Budget
Renovation Lighting Supply plans inventory levels (at cost) at the end of each month as follows: May, $275,000, June, $220,000, July, $200,000 and August,
Sales are expected to be June, $440,000, July $350,000, and August, $300,000.
Cost of goods sold is 60% of sales Purchases in April were $250,000 and in May they were $180,000. Payments for each month?s purchases are made as follows:
10% during that month, 80% the next month and the final 10% the next month.
Prepare a budget schedules for June, July and August for purchases and for disbursements for purchases.
This question was answered on: Oct 24, 2017
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