Norton company prepared the following sales budgetmonth, Ask an Expert

Accounting

Norton Company prepared the following sales budget:

Month Budgeted Sales
March $200,000
April 180,000
May 220,000
June 260,000

The expected gross profit rate is 40% and the inventory at the end of February was $36,000. Desired inventory levels at the end of the month are 30% of the next month's cost of goods sold.

1. What is the desired beginning inventory on June 1?

2. What is the desired ending inventory on May 31?

3. What is the desired cost of goods sold for May?

4. What are the total purchases budgeted for April?

5. What are the total purchases budgeted for May?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9970721

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