Sam's Toys budgeted sales of $300,000 for the month of November and cost of goods sold equal to 80% of sales.Beginning inventory for November was $50,000 and ending inventory for November is estimated at $55,000.How much are the budgeted purchases for November?

Question

Quizplus · Accepted Answer

A)
80 % × $300,000 = $240,000 Cost of Goods Sold
Less BI 50,000
= 190,000
+ EI 55,000
= Purchases $245,000

Sam's Toys Budgeted Sales of $300,000 for the Month of November