Quality Products Company has a broad
range of products it sells in a four-state area. Sales for the four
quarters of 2019 are expected to be $575,000, $412,000, $749,000,
and $638,000, for an annual total of $2,374,000.
Cost of goods sold averages 57% of sales. Ending inventory for
each quarter should be 10% of cost of goods sold for the following
quarter. Inventory at January 1 is expected to be $40,000.
Required:
Show calculations for ending inventory, purchases, and cost...