Solution-Calculate the amount of inventory purchased and

Calculate the amount of inventory purchased and paid

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Question 1: Fulton Corporation had sales of $60,000 in January; $80,000 in February; $95,000 in March; $115,000 in April and $145,000 in May. Cost of goods sold has consistently been at 70% of sales. Additionally, Fulton had $15,000 worth of merchandise at the start of January and plans on having inventory on hand worth 35% of next month's cost of goods sold. If all inventory purchases are purchased and paid for in the current month, calculate the amount of inventory purchased and paid for in February.

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Calculate the amount of inventory purchased and paid

Reference no: EM132622556

Reference no: EM132622556

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