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Question - Jennifer's Tiles sells a variety of tiles for multiple purposes. Actual sales for the month ended June 30 was $90,000. Jennifer believes that sales will increase 2% in July and an additional 3% in August. Cash sales are expected to be 10% of sales and credit sales are 90% of sales.
Cost of goods sold is expected to be 75% of total sales. Jennifer does not want inventory to fall below $10,000 plus 5% of cost of goods sold for the next month. Sales of $95,000 are expected for September. Inventory on June 30 is $13,000.
Operating expenses include sales commission, 5% of sales; rent expense of $6,000; depreciation expense of $4,000; utility expense of $1,500; and insurance expense of $1,400.
Required - Prepare the following budgets for July and August:
a. Sales budget
b. Inventory budget
c. Purchases budget
d. Cost of goods budget
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