SportSupplies Corporation has budgeted purchases of inventory for December of $140,000.Expected beginning inventory on December 1 and ending inventory on December 31 are $90,000 and $120,000,respectively.If cost of goods sold averages 88% of sales,what are budgeted sales for December?

Question

Quizplus · Accepted Answer

A)
BI $90,000
+ Purchases 140,000
= Goods Available 230,000
Less: EI 120,000
= Cost of Goods Sold $110,000
Now 88% × (Sales)= $110,000
Sales = $125,000

SportSupplies Corporation Has Budgeted Purchases of Inventory for December of $140,000.Expected