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Determine the amax budgeted gross profit for may

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Question - Amax Corp prepared the following budget information for the month of May:

Sales are budgeted at $360,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month.

Inventory was $84,000 on April 30; an inventory increase of $12,000 is planned for May 31.

All inventory is marked to sell at cost plus 50 percent.

Estimated cash disbursements for selling and administrative expenses for the month are $48,000.

Depreciation for May is projected at $6,000.

Required - Determine the Amax's budgeted gross profit for May?

Reference no: EM133094405

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