Mimosa,Inc.,a merchandising company,has the following budgeted figures: $$\begin{array} { | l | l | l | l | l | }
\hline & \text { Jan } & \text { Feb } & \text { Mar } & \text { April } \
\hline \text { Sales } & \$ 54,900 & \$ 63,000 & \$ 88,000 & \$ 94,000 \
\hline \text { Cost of goods sold } & 60 \% \text { of sales } & & & \
\hline & \$ 20,000 + 30 \% \text { of } & & & \
\text { Required ending inventory}&\text {next month's sales } & & & \
\hline \text { Inventory on hand on Jan 1 } & \$ 27,500 & & & \
\hline
\end{array}$$ Calculate cost of goods sold for the month of February.

Question

Mimosa,Inc.,a merchandising company,has the following budgeted figures: $$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Jan } & \text { Feb } & \text { Mar } & \text { April } \
\hline \text { Sales } & \$ 54,900 & \$ 63,000 & \$ 88,000 & \$ 94,000 \
\hline \text { Cost of goods sold } & 60 \% \text { of sales } & & & \
\hline & \$ 20,000 + 30 \% \text { of } & & & \
 \text { Required ending inventory}&\text {next month's sales } & & & \
\hline \text { Inventory on hand on Jan 1 } & \$ 27,500 & & & \
\hline
\end{array}$$ Calculate cost of goods sold for the month of February.

Quizplus · Accepted Answer

The Answer of Mimosa,Inc.,a merchandising company,has the following budgeted figures: $$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Jan } & \text { Feb } & \text { Mar } & \text { April } \
\hline \text { Sales } & \$ 54,900 & \$ 63,000 & \$ 88,000 & \$ 94,000 \
\hline \text { Cost of goods sold } & 60 \% \text { of sales } & & & \
\hline & \$ 20,000 + 30 \% \text { of } & & & \
 \text { Required ending inventory}&\text {next month's sales } & & & \
\hline \text { Inventory on hand on Jan 1 } & \$ 27,500 & & & \
\hline
\end{array}$$ Calculate cost of goods sold for the month of February.

Mimosa,Inc Calculate Cost of Goods Sold for the Month of February