Sam's Toys budgeted sales of $300,000 for the month of November and cost of goods sold equal to 60% of sales. Beginning inventory for November was $55,000 and ending inventory for November is estimated at $54,000. How much are the budgeted purchases for November? Question 22 options: $179,000 $191,000 $71,000 $181,000
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.
Question 22 options:
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$179,000
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$191,000
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$71,000
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$181,000
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