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Goddard's Department Store has budgeted cost of goods sold of $44,000 for its men's shorts in...

Goddard's Department Store has budgeted cost of goods sold of $44,000 for its men's shorts in March. Management also wants to have $8000 of men's shorts in inventory at the end of March to prepare for the summer season. Beginning inventory of men's shorts for March is expected to be $4600. What dollar amount of men's shorts should be purchased in March?

$31,400

$56,600

$40,600

$47,400

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Answer #1

D. $47,400

Purchases = Cost of Goods Sold + Ending inventory - Beginning inventory

Purchases = $44,000 + $8,000 - $4,600

Purchases = $47,400

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