## Answers

Correct answer--------$83,980

Working

April | May | June | July | |

Sales | $ 1,80,000.00 | $ 2,90,000.00 | $ 1,20,000.00 | $ 2,20,000.00 |

Cost of Goods sold | $ 1,53,000.00 | $ 2,46,500.00 | $ 1,02,000.00 | $ 1,87,000.00 |

Purchases budget | ||||

April | May | June | July | |

Cost of Goods sold | $ 1,53,000.00 | $ 2,46,500.00 | $ 1,02,000.00 | $ 1,87,000.00 |

Add: Desired Ending inventory (67256.81 x 22.97%) | $ 89,650.00 | $ 75,200.00 | $ 83,700.00 | |

$ 2,42,650.00 | $ 3,21,700.00 | $ 1,85,700.00 | ||

Less: Beginning inventory (78706.44 x 22.97%) | $ 80,300.00 | $ 89,650.00 | $ 75,200.00 | |

Budgeted Purchase | $ 1,62,350.00 | $ 2,32,050.00 | $ 1,10,500.00 |

Unpaid amount of purchases at the end of June (110500 x 76%) | $ 83,980.00 |

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