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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ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
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cost of goods sold for the month using Average cost, periodic
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of $ 1,440,000 in January and 2,800 units for $ 195 each for a
total of $ 546,000 in February. The company expects cost of goods
sold to average 60% of sales revenue, and the company expects to
sell 5 c,000 units in March for $ 230 each. Arete's target ending
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total of $ 1,007,500 in January and 3 comma 200 units for $ 225
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target ending inventory is $ 11000 plus 40% of the next month's
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