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Midland Company buys tiles and prints different designs on them for souvenir and gift stores....

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Accounting

Midland Company buys tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small company in Europe, so at all times it keeps on hand a stock equal to the tiles needed for three months sales. The tiles cost $1.25 each and must be paid for in cash. The company has 28,000 tiles in stock. Sales estimates, based on contracts received, are as follows for the next six months:

January 11,500

February 18,700

March 13,500

April 14,100

May 9,700

June 6,700

Required: a. & b. Estimate purchases (in units) and cash required to make purchases in January, February, and March. image

MIDLAND COMPANY Merchandise Purchases Budget For the Period Ended March 31 (in units) January February Units to be purchased Estimated cost March

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