Monument Corp.is preparing its budget for the first quarter of 2018.The following data is provided:

April's cost of goods sold is 28,000.The amount of Merchandise Inventory to be shown on the budgeted balance sheet at March 31 would be ________.

Question

Monument Corp.is preparing its budget for the first quarter of 2018.The following data is provided:

April's cost of goods sold is 28,000.The amount of Merchandise Inventory to be shown on the budgeted balance sheet at March 31 would be ________.

Quizplus · Accepted Answer

D)Cost of goods sold = (28,000 × 20%)+ 5,000 = $10,600