Current Attempt in Progress In May 2022, the budget committee of Kingbird Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1 2. 3 4. (a) Expected sales: June $486,000: July $628,000. Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following month's cost of goods sold. The beginning inventory at June 1 will be the desired amount. Your Answer Correct Answer Your answer is correct.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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