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New Fashion forecasts sales of $312,000 for the quarter ended December 31. The company's gross...

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Accounting

New Fashion forecasts sales of $312,000 for the quarter ended December 31. The company's gross profit rate averages 20% of sales. Inventory as of September 30 is $112,000. If the December 31st inventory is targeted at $52,000, budgeted purchases for the quarter should be:

Multiple Choice

$137,600.

$174,400.

$189,600.

$200,000.

Answer & Explanation Solved by verified expert
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