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College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,230,000 in October, $2,376,000 in November, and $2,520,000 in December. College Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $435,000 plus 15% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November. College Logos Cost of Goods Sold, Inventory, and Purchases Budget For the Months of October and November October Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory *** Purchases November

College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,230,000 in October, $2,376,000 in November, and $2,520,000 in December. College Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $435,000 plus 15% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November. College Logos Cost of Goods Sold, Inventory, and Purchases Budget For the Months of October and November October Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory *** Purchases November

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints
Section: Chapter Questions
Problem 6E: Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The...
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College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,230,000 in October, $2,376,000 in November, and $2,520,000 in December. College Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $435,000 plus 15% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November. College Logos Cost of Goods Sold, Inventory, and Purchases Budget For the Months of October and November October Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases November
Transcribed Image Text:College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,230,000 in October, $2,376,000 in November, and $2,520,000 in December. College Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $435,000 plus 15% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November. College Logos Cost of Goods Sold, Inventory, and Purchases Budget For the Months of October and November October Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases November
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