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College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected...

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Accounting

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College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,000,000 in September, $2,220,000 in October, $2,380,000 in November, and $2,580,000 in December. College Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $415,000 plus 10% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November

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