Purchases budget Brooklyn Furniture, a retail store, has an average gross profit ratio of 42%. The sales forecast for the next four months follows:
May | $100,000 |
June | 88,000 |
July | 124,000 |
August | 160,000 |
Management’s inventory policy is to have ending inventory equal to 80% of the cost of sales for the subsequent month, although it is estimated that the cost of inventory at April 30 will be $45,000.
Required:
Calculate the purchases budget, in dollars, for the months of May and June.
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