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Problem 1: Per the 5-Minute Budget process, and given the following information, what is the projected Cost of Goods Sold for the new year?
Current Year
Sales: $1,000,000COGS: $500,000General and administrative expenses: $450,000Profits: $50,000
Due to new competition, the firm anticipates a decline in sales by 10%.
Problem 2: What will the Cost of Goods Sold estimate be in the new year?
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