Mimosa, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $54,900 $63,000 $88,000 $94,000 Cost of goods sold 60% of sales Required ending inventory $20,000 + 30% of next month's sales Inventory on hand on Jan 1 $27,500 Calculate cost of goods sold for the month of February.

Mimosa, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $54,900 $63,000 $88,000 $94,000 Cost of goods sold 60% of sales Required ending inventory $20,000 + 30% of next month's sales Inventory on hand on Jan 1 $27,500 Calculate cost of goods sold for the month of February.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6

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bartleby, a Learneo, Inc. business

	Jan	Feb	Mar	April
Sales	$54,900	$63,000	$88,000	$94,000
Cost of goods sold	60% of sales
Required ending inventory	$20,000 + 30% of next month's sales
Inventory on hand on Jan 1	$27,500