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-Dominant- [34]
3 years ago
5

Fosnight Enterprises prepared the following sales budget: The expected gross profit rate is 30% and the inventory at the end of

February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold. What is the desired beginning inventory on June 1?
Business
1 answer:
Travka [436]3 years ago
8 0

Answer:

$1,960

Explanation:

Complete Questin:

Fosnight Enterprises prepared the following sales budget:

Month Budgeted Sales

March $6,000

April $13,000

May $12,000

June $14,000

The expected gross profit rate is 30% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold. What is the desired beginning inventory on June 1?

Sales = 100% – 30%

Gross Profit = 70%

Cost of Goods Sold (CGS)

Therefore, June Sales= $14,000 × 70%

= 9,800 (CGS) × 20%

= $1,960

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