Griffith Company has budgeted purchases of inventory for December of $105,000. Expected beginning inventory on December 1 and ending inventory on December 31 are $120,000 and $129,000, respectively. If the cost of goods sold averages 75% of sales, what are budgeted sales for December? A. $114,000 B. $152,000 C. $120,000 D. $128,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Griffith Company has budgeted purchases of inventory for
December of $105,000. Expected beginning inventory on
December 1 and ending inventory on December 31 are $120,000
and $129,000, respectively.
If the cost of goods sold averages 75% of sales, what are
budgeted sales for December?
A. $114,000
B. $152,000
C. $120,000
D. $128,000
Transcribed Image Text:Griffith Company has budgeted purchases of inventory for December of $105,000. Expected beginning inventory on December 1 and ending inventory on December 31 are $120,000 and $129,000, respectively. If the cost of goods sold averages 75% of sales, what are budgeted sales for December? A. $114,000 B. $152,000 C. $120,000 D. $128,000
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