Colts Corporation has the following information: $\begin{array}{lr}
\text { Month } & \text { Budgeted Sales } \
\hline \text { May } & \$ 46,000 \
\text { June } & 50,000 \
\text { July } & 52,000 \
\text { August } & 48,000
\end{array}$ The cost of goods sold percentage is 65% and the desired inventory level is 25% of next month's sales._____ is the expected total purchases budgeted for July.
A)$33,800
B)$41,600
C)$33,150
D)None of these answers is correct

Question

Colts Corporation has the following information: $\begin{array}{lr}
\text { Month } & \text { Budgeted Sales } \
\hline  \text { May } & \$ 46,000 \
\text { June } & 50,000 \
\text { July } & 52,000 \
\text { August } & 48,000
\end{array}$ The cost of goods sold percentage is 65% and the desired inventory level is 25% of next month's sales._____ is the expected total purchases budgeted for July.
A)$33,800
B)$41,600
C)$33,150
D)None of these answers is correct

Quizplus · Accepted Answer

The Answer of Colts Corporation has the following information: $\begin{array}{lr}
\text { Month } & \text { Budgeted Sales } \
\hline  \text { May } & \$ 46,000 \
\text { June } & 50,000 \
\text { July } & 52,000 \
\text { August } & 48,000
\end{array}$ The cost of goods sold percentage is 65% and the desired inventory level is 25% of next month's sales._____ is the expected total purchases budgeted for July.
A)$33,800
B)$41,600
C)$33,150
D)None of these answers is correct

Colts Corporation Has the Following Information The Cost of Goods Sold Percentage Is 65% and the