FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Help Save & Exit S Skymont Company wants an ending inventory each month equal to 30% of that month's cost of goods sold. Cost of goods sold for February is projected at $45,000. Ending inventory at the end of January was $12,000. Based on this information, purchases for February would be: Multiple Choice о $31,500. $46,500. $43,500. $33,000.
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Transcribed Image Text:Help Save & Exit S Skymont Company wants an ending inventory each month equal to 30% of that month's cost of goods sold. Cost of goods sold for February is projected at $45,000. Ending inventory at the end of January was $12,000. Based on this information, purchases for February would be: Multiple Choice о $31,500. $46,500. $43,500. $33,000.
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Step 1: Define Purchase Budget
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Step 2: Calculation of the purchases for February, as follows:
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