TFS Corporation, a retail company selling hotel furniture, has just completed its master budget for the next fiscal year. Ending inventory is budgeted at 20% of cost of goods available for sale. Selected data from that process appear in the table below:
TFS' actual income for the next fiscal year will be:

Question

TFS Corporation, a retail company selling hotel furniture, has just completed its master budget for the next fiscal year. Ending inventory is budgeted at 20% of cost of goods available for sale. Selected data from that process appear in the table below: 
TFS' actual income for the next fiscal year will be:

Quizplus · Accepted Answer

The table provided only includes information about the ending inventory calculation, and no information is given about expected sales, operating expenses, or any other factors that would affect TFS's income. Therefore, it is impossible to determine whether TFS' actual income for the next fiscal year will be greater than, less than, or equal to the budgeted income based solely on the information given.

TFS Corporation, a Retail Company Selling Hotel Furniture, Has Just