When preparing the budgeted income statement,which of the following is the source for the amount of Cost of Goods Sold?
A) sales budget
B) operating expense budget
C) schedule of disbursements for operating expense
D) purchases and cost of goods sold budget

Question

Quizplus · Accepted Answer

The purchases and cost of goods sold budget provides the source for the amount of Cost of Goods Sold. This budget estimates the quantity and cost of inventory purchases needed to meet the level of sales projected in the sales budget, and calculates the expected cost of goods sold for the period.

When Preparing the Budgeted Income Statement,which of the Following Is