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Martys merchandise has budgeted sales as follows for the

Problem

Marty's Merchandise has budgeted sales as follows for the second quarter of the year:

April................. $30,000
May.................. $60,000
June.................. $50,000

• Cost of goods sold is equal to 70% of sales.
• Inventory at May 1 is budgeted to be 50,400.
• Inventory at June 1 is budgeted to be 40,000.

What are budgeted purchases for May?

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Accounting Basics: Martys merchandise has budgeted sales as follows for the

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