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Miles Company, a wholesaler, budgeted the following sales for the indicated months: July €1,840,000 200.000 €2.040,000 Sales on account- Cash sales Total sales June €1,800,000 180,000 €1,980,000 August €1,900,000 260,000 €2.160,000 All merchandise is marked up to sell at its invoice cost plus 20% Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. 1- What is the cost of goods sold for the month of June? €1,650,000. 2- What is the merchandise purchases for July? €1,730,000.

Miles Company, a wholesaler, budgeted the following sales for the indicated months: July €1,840,000 200.000 €2.040,000 Sales on account- Cash sales Total sales June €1,800,000 180,000 €1,980,000 August €1,900,000 260,000 €2.160,000 All merchandise is marked up to sell at its invoice cost plus 20% Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. 1- What is the cost of goods sold for the month of June? €1,650,000. 2- What is the merchandise purchases for July? €1,730,000.

FINANCIAL ACCOUNTING
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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Miles Company, a wholesaler, budgeted the following sales for the indicated months: July €1,840,000 200.000 €2.040,000 Sales on account- Cash sales Total sales June €1,800,000 180,000 €1,980,000 August €1,900,000 260,000 €2.160,000 All merchandise is marked up to sell at its invoice cost plus 20%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. 1- What is the cost of goods sold for the month of June? €1,650,000. 2- What is the merchandise purchases for July? €1,730,000.
Transcribed Image Text:Miles Company, a wholesaler, budgeted the following sales for the indicated months: July €1,840,000 200.000 €2.040,000 Sales on account- Cash sales Total sales June €1,800,000 180,000 €1,980,000 August €1,900,000 260,000 €2.160,000 All merchandise is marked up to sell at its invoice cost plus 20%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. 1- What is the cost of goods sold for the month of June? €1,650,000. 2- What is the merchandise purchases for July? €1,730,000.
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