In September 2016, the management of Rye Company assembles the following data in preparation of...
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Accounting
In September 2016, the management of Rye Company assembles the following data in preparation of budgeted merchandise purchases for the months of October and November.
| 1. | Expected Sales | ||||||
| October | $1,500,000 | ||||||
| November | 2,100,000 | ||||||
| December | 2,700,000 | ||||||
| 2. | Cost of goods sold is expected to be 70% of sales. | ||||||
| 3. | Desired ending merchandise inventory is 20% of the next month's cost of goods sold. | ||||||
| 4. | The beginning inventory at October 1 will be the desired amount. | ||||||
Compute the budgeted merchandise purchases for October and November.
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