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Murray electronics sales in May were 2,000 units @ $52 and 2,100 @ $54 in June. Sales projections are as follows: July an increase of 2% from June Sales (the sale price will be the same as June) August 2,200 units @$54 September an increase of 2% from August Sales (the sale price will be the same as August) INVENTORY POLICY Murray inventory policy is to maintain an ending inventory of 40% of next month sales. October Sales are expected to be 2,250 units. Actual inventory is 820 units. Each unit cost is $30. ACCOUNTS PAYABLE POLICY Murray pays 70% of merchandise purchases in cash and the remaining one month later.   CALCULATE COST OF MERCHANDISE PURCHASES IN SEPTEMBER

Murray electronics sales in May were 2,000 units @ $52 and 2,100 @ $54 in June. Sales projections are as follows: July an increase of 2% from June Sales (the sale price will be the same as June) August 2,200 units @$54 September an increase of 2% from August Sales (the sale price will be the same as August) INVENTORY POLICY Murray inventory policy is to maintain an ending inventory of 40% of next month sales. October Sales are expected to be 2,250 units. Actual inventory is 820 units. Each unit cost is $30. ACCOUNTS PAYABLE POLICY Murray pays 70% of merchandise purchases in cash and the remaining one month later.   CALCULATE COST OF MERCHANDISE PURCHASES IN SEPTEMBER

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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Murray electronics sales in May were 2,000 units @ $52 and 2,100 @ $54 in June. Sales projections are as follows:

July an increase of 2% from June Sales (the sale price will be the same as June)

August 2,200 units @$54

September an increase of 2% from August Sales (the sale price will be the same as August)

INVENTORY POLICY

Murray inventory policy is to maintain an ending inventory of 40% of next month sales. October Sales are expected to be 2,250 units. Actual inventory is 820 units. Each unit cost is $30.

ACCOUNTS PAYABLE POLICY

Murray pays 70% of merchandise purchases in cash and the remaining one month later.

 

CALCULATE COST OF MERCHANDISE PURCHASES IN SEPTEMBER

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