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What the budgeted purchases for may are

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Reference no: EM132797257

Marty's Merchandise has budgeted sales as follows for the second quarter of the year:

April   $30,000

May   $60,000

June  $50,000

Cost of goods sold is equal to 70% of sales. The company wants to maintain a monthly ending inventory equal to 120% of the cost of goods sold for the following month. The inventory on March 31 was below this target and was only $22,000. The company is now preparing a Merchandise Purchases Budget for April, May, and June.

Problem 1: The budgeted purchases for May are:

Reference no: EM132797257

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