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[The following information applies to the questions displayed below.] Each gallon of Old Guard, a popular aftershave lotion, requires 3 ounces of ocean scent. Budgeted production of Old Guard for the first three quarters of 2013 is: Quarter I 14,000 gallons Quarter II 17,000 gallons Quarter III 12,000 gallons Management’s policy is to have on hand at the end of every quarter enough ocean scent inventory to meet 24% of the next quarter’s production needs. At the beginning of Quarter I, 10,080 ounces of ocean scent were on hand.

Required:

a. Calculate the number of ounces of ocean scent to be purchased in each of the first two quarters of 2013.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92047670

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