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Purchases budget-analytical Gemstone, Ltd., is a retail jeweler. Most of the firm's business is in jewelry and watches. The firm's average gross profit ratio for jewelry and watches is 80% and 40%, respectively. The sales forecast for the next two months for each product category is as follows:
Jewelry
Watches
September
$186,000
$90,000
October
144,000
76,500
The company's policy, which is expected to be achieved at the end of August, is to have ending inventory equal to 120% of the next month's cost of goods sold.
Required:
a. Calculate the cost of goods sold for jewelry and watches for September and October.
b. Calculate a purchases budget, in dollars, for each product for the month of September.
Which of the three companies will pay the least in income taxes and which method of inventory cost do you believe is superior to the others in providing information to potential investors? Explain.
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