Homework Answers
B. $81,700
Budgeted purchases of inventory = Budgeted cost of goods sold + Desired ending inventory - Beginning inventory
Budgeted purchases of inventory in February = Budgeted cost of goods sold + (Budgeted cost of goods sold in February × 23%) - Beginning inventory
Budgeted purchases of inventory in February = $90,000 + ($90,000 × 23%) - $29,000
Budgeted purchases of inventory in February = $81,700
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