Homework Answers
ANSWER:
Correct option is 4th = $84,420
Cost of goods sold for February = Sales - Gross profit
= 114,000 - 114,000 x 30/100
= 114,000 - 34,200
= $79,800
Ending inventory of February at selling price = 136,000 x 30/100
= $40,800
Ending inventory of February at cost = 40,800 x 70/100
= $28,560
Beginning inventory of February at selling price = 114,000 x 30/100
= $34,200
Beginning inventory of February at cost = 34,200 x 70/100
= $23,940
Purchases = Cost of goods sold + Ending inventory - Beginning inventory
= 79,800+ 28,560 - 23,940
= $84,420
Hence, budget purchases for February = $84,420
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