Liu Electronics budgeted sales of $400,000 for the month of November and cost of goods sold...

Liu Electronics budgeted sales of $400,000 for the month of November and cost of goods sold equal to 65% of sales. Beginning inventory was $80,000 and ending inventory is estimated at $72,000. The budgeted purchases for November are _______

Expert Solution

Step-1:Calculation of cost of goods sold

	Cost of goods sold	=	Budgeted Sales * % of sales
		=	$ 4,00,000	*	65%
		=	$ 2,60,000

Step-2:Calculation of budgeted purchase

	Cost of goods sold		$ 2,60,000
	Add Ending Inventory		$ 72,000
	Cost of goods available for sale		$ 3,32,000
	Less beginning inventory		$ 80,000

	Budgeted Purchase		$ 2,52,000


Thus,
The budgeted purchases for November are			$ 2,52,000

ekkarill92 answered 2 years ago

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