Answer:
Option (a) is correct.
Explanation:
For February,
Opening inventory would have been:
= 25% of February
= (25% × $89,000)
= $22,250
Ending inventory would have been:
= 25% of March
= (25% × $59,000)
= $14,750
Hence,
Cost of goods sold = Opening inventory + Purchases - Ending inventory
$89,000 = $22,250 + Purchases - $14,750
Purchases = $89,000 + $14,750 - $22,250
= $81,500
Therefore, the budgeted purchases of inventory in February Year 2 would be $81,500.
C. Those who have the most deductions
Answer: $525,400
Explanation:
From the question, we are informed that Nash's Trading Post, LLC had an increase in inventory of $88800, the cost of goods sold was $414400 and that there was a $22200 decrease in accounts payable from the prior period.
Using the direct method of reporting cash flows from operating activities, Nash's's cash payments to the suppliers will be:
= $88,800 + $414400 + $22200
= $525,400
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