Wallace Company provides the following data for next year: Month Budgeted Sales January $129,000 Febr...
Wallace Company provides the following data for next year:
|
Month |
Budgeted Sales |
|
|
January |
$129,000 |
|
|
February |
113,000 |
|
|
March |
132,000 |
|
|
April |
148,000 |
The gross profit rate is 35% of sales. Inventory at the end of December is $30,600 and target ending inventory levels are 30% of next month's sales, stated at cost.
What is the amount of purchases budgeted for February?
A. $32,340
B. $77,155
C. $73,450
D. $ 109,590
Homework Answers
Budgeted purchases for February
= Budgeted sales + Desired ending inventory - Beginning inventory
= (113,000*65%) + (131,000*65%*30%) - (113,000*65%*30%)
= 77,155
Option B is the answer
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