New fashion sales of 306,000 for the quarter ended December 31st. The companys gross profit rate averages 15% of sales. Inventory as of September 30th is 106,000. If the December 31st inventory is targeted at $46,000, budgeted purchases for the quarter should be what?

New fashion sales of 306,000 for the quarter ended December 31st. The companys gross profit rate averages 15% of sales. Inventory as of September 30th is 106,000. If the December 31st inventory is targeted at $46,000, budgeted purchases for the quarter should be what?

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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