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What is the amount of purchases budgeted for January

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Q1. Wallace Company provides the following data for next year:

Month Budgeted Sales

January $100,000

February 108,000

March 132,000

April 144,000

The gross profit rate is 35% of sales. Inventory at the end of December is $21,600 and target ending inventory levels are 20% of next month's sales, stated at cost. What is the amount of purchases budgeted for January?

Q2. On November 1, Barnes Corporation has 6,500 units of Product A on hand. During the month, the company plans to sell 30,000 units of Product A, and plans to have 8,500 units on hand at end of the month. How many units of Product A must be produced during the month?

Reference no: EM132923265

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