XYZ Corp. has $10 000 of goods on hand at November 30, 2010. Costs of goods...
XYZ Corp. has $10 000 of goods on hand at November 30, 2010. Costs of goods sold averages 50% of sales revenue. Sales for the month of December are budgeted to be $140 000. If ending inventory at the end of December is budgeted to be $20 000, what amount of inventory will XYZ's managers need to purchase during December in order to meet this goal?
The answer to this is $80 000. When I attempted it I got $70 000. Would someone be able to provide a detailed solution on how to answer this.
Homework Answers
| Paticulars | Amount | |||
| Cost of goods sold (50% of sales) | $ 70,000.00 | |||
| Add: - Ending Inventory | $ 20,000.00 | |||
| Less:- Beginning Inventory | $(10,000.00) | |||
| Purchse needs to be made during December | $ 80,000.00 | |||
| ***Cost of goods sold = Beginning Inventory + Purchase - Ending Inventory | ||||
| Hence Purchse = Cost of goods sold + Ending Inventory -Beginning Inventory | ||||
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XYZ Corp. has $10 000 of goods on hand at November 30, 2010.
Costs of goods...
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will give thumbs up, thank you!
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will give thumbs up, thank you!
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