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Compute the budgeted merchandise purchases for june round

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Reference no: EM13572917

In May 2014, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.

1.
Expected sales: June $529,900, July $627,900.
2.
Cost of goods sold is expected to be 75% of sales.
3.
Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold.
4.
The beginning inventory at June 1 will be the desired amount.

(a) Compute the budgeted merchandise purchases for June. (Round answers to the nearest whole dollar, e.g. 5,275.)

GRAND STORES
Merchandise Purchases Budget
For the Month Ending June 30, 2014



(b) Prepare the budgeted income statement for June through gross profit.

GRAND STORES
Budgeted Income Statement
For the Month Ending June 30, 2014

Sales

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Cost of goods sold

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Gross profit

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Reference no: EM13572917

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