3. Merchandise Purchases Budget CIT Merchandising has budgeted the following sales for the 2nd quarter of 2021: Other budgeted estimates are: . April P 123,500 May 156,000 June 208,000 All merchandises are to sell at its invoice cost plus 30% mark-up. Beginning inventories of each month are budgeted at 40% of that particular month's projected cost of goods sold. REQUIRED: Determine the projected amount for: A) Merchandise purchases in April. B) Merchandise purchases in May.

3. Merchandise Purchases Budget CIT Merchandising has budgeted the following sales for the 2nd quarter of 2021: Other budgeted estimates are: . April P 123,500 May 156,000 June 208,000 All merchandises are to sell at its invoice cost plus 30% mark-up. Beginning inventories of each month are budgeted at 40% of that particular month's projected cost of goods sold. REQUIRED: Determine the projected amount for: A) Merchandise purchases in April. B) Merchandise purchases in May.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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