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Calculate the purchases budget for months of may and june

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Reference no: EM131794775

Problem

Brooklyn Furniture, a retail store, has an average gross profit ratio of 48%. The sales forecast for the next four months follows:

May $ 271,000
June 216,000
July 300,000
August 404,000

Management's inventory policy is to have ending inventory equal to 350% of the cost of sales for the subsequent month, although it is estimated that the cost of inventory at April 30 will be $412,000.

Required:

Calculate the purchases budget, in dollars, for the months of May and June.

Reference no: EM131794775

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