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Sams Toys budgeted sales of $600,000 for the month of November and cost of goods sold equal to 60% of sales. Beginning inven
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Answer #1

Cost of goods sold = 600,000 *60% = 360,000

Cost of goods sold = Beginning inventory + Purchases - Ending inventory

360,000 = 53,000 + Purchases - 50,000

Purchases = 360,000 - 3000

= 357,000

Option B, $357,000

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