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In May 2014, the budget committee of Grand Stores assembles the following data in preparation...

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Accounting

In May 2014, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.

1. Expected sales: June $510,200, July $620,900.
2. Cost of goods sold is expected to be 75% of sales.
3. Desired ending merchandise inventory is 30% of the following (next) month

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