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Question - Julia owns a gift shop. She starts the year with $50,000 of inventory, ends the year with $40,000 of inventory, has $500,000 of sales during the year, and has Cost of Goods Sold of $410,000 during the year. How much inventory did Julia purchase during the year?
A. 320,000
B. 360,000
C. 370,000
D. 400,000
E. 450,000
Provide a series of flexible budgets giving Sales, Variable Costs, Fixed Costs and Net Income for the year for estimated sales levels
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