The merchandise inventory policy is to carry 30 of next, Accounting Basics

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The merchandise inventory policy is to carry 30 of next

Problem

Parsley Inc., a merchandising firm, has forecasted sales to be $130,000 in February, $135,000 in March, $151,000 in April, and $149,000 in May. The average cost of goods sold is 70% of sales. The merchandise inventory policy is to carry 30% of next month's sales needs. If actual February 1 inventory is $43,000, what will the cost of March purchases be?

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Accounting Basics: The merchandise inventory policy is to carry 30 of next

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Accounting Basics: The merchandise inventory policy is to carry 30 of next

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