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Question - In September 2021 the management of the Yancey Group assembles the following data in preparation of the budget for the months of October and November 2021.
1. Expected Sales for 2021;
October $1,000,000
November 1,400,000
December 1,800,000
2. Purchases for August and September 2021 were $850,000 and $720,000 respectively.
3. Cost of Sales is expected to be 60% of sales.
4. Desired ending inventory is 25% of the next month's cost of goods sold.
5. Yancey Group pays for 60% of its purchases in the month of purchase, 30% in the following month and 10% in the second following month.
Required -
a) Prepare the purchase budget for October and November of 2021.
b) Calculate the estimated cash payments in October and November for inventory purchased.
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