Use the following information for questions 96 and 97.
Miles Company, a wholesaler, budgeted the following sales for the indicated months: All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold.
-Merchandise purchases for July are anticipated to be
A) $2,295,000.
B) $3,114,000.
C) $2,448,000.
D) $2,491,200.

Question

Use the following information for questions 96 and 97.
Miles Company, a wholesaler, budgeted the following sales for the indicated months:  All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold.
-Merchandise purchases for July are anticipated to be
A) $2,295,000. 
B) $3,114,000. 
C) $2,448,000. 
D) $2,491,200.

Quizplus · Accepted Answer

The Answer of Use the following information for questions 96 and 97.
Miles Company, a wholesaler, budgeted the following sales for the indicated months:  All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold.
-Merchandise purchases for July are anticipated to be
A) $2,295,000. 
B) $3,114,000. 
C) $2,448,000. 
D) $2,491,200.

Use the Following Information for Questions 96 and 97