Goddard's Department Store has budgeted cost of goods sold of $44,000 for its men's shorts in March.Management also wants to have $8,000 of men's shorts in inventory at the end of March to prepare for the summer season.Beginning inventory of men's shorts for March is expected to be $5,500.What dollar amount of men's shorts should be purchased in March?

Question

Quizplus · Accepted Answer

A)
Cost of Goods Sold $44,000
+ EI 8,000
= Goods Available 52,000
Less BI 5,500
= Purchases 46,500

Goddard's Department Store Has Budgeted Cost of Goods Sold of $44,000