Exercise 21-20 (Part Level Submission) In May 2017, the budget commctee of Grand

Question

Exercise 21-20 (Part Level Submission) In May 2017, the budget commctee of Grand Stores assembles the tollowing data in preparaion ot budgeted merchandise purchases for the month of June. 1. Expected sales: June 07,3DD, July $608,Blu. 2. Cost of u ods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory 's 30% ofthe folowing (next month's cost of goods sold. 4. The beginning inventory at une 1 will be the desired amount. (a) Compute the budgeted merchandise purchases for June. (Round answers to the neorest whole dollar, e.g. 5,275.) GRAND STORES Merchandise Purchases Budget Click if you would like to show work for this question: Open show work empts: o of 3 used SAVE FOR LATER SUEHIT ANSWER The parts of thls question must be compiered in order. This part ww be avalable when you conplste the part above

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Statementshowing Computations Paticulars June July Budgeted sales       507,300.00         608,800.00 Cost of goods sold at 75%       380,475.00         456,600.00 Desired ending inventory =30%*Next month COGS       136,980.00 Cost of goods available for sale = 380475 + 136980       517,455.00 Beginning Inventory = 30%*507300    (152,190.00) Budgeted Production = 517455 - 152190       365,265.00

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