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Michael Company has a sales budget for next month of $300,000. Cost of goods sold...

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Accounting

Michael Company has a sales budget for next month of $300,000. Cost of goods sold is expected to be 50% of sales. All units are paid for in the month following purchase. The beginning inventory is $10,000 and an ending inventory of $12,000 is desired. Beginning accounts payable is $76,000. The purchases for next month are ________.

A) $138,000

B) $140,000

C) $150,000

D) $152,000

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