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What is the amount of the anticipated purchases for july

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Reference no: EM132524932

Gross profit method

An entity budgeted the following sales:

                              June                      july                     august

Sales on account        1,800,000        1,840,000           1,900,000

Cash sales                    180,000            200,000            260,000

Question 1: All merchandise is marked up to sell at invoice cost plus 20%. Merchandise inventory at the beginning of each month is 30% of that month's projected cost of good sold. What is the amount of the anticipated purchases for july?

a. 1,632,000

b. 2,076,000

c. 1,700,000

d. 1,730,000

Reference no: EM132524932

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