May Corporation, a merchandising firm, has budgeted sales as follows for the third quarter of the year:
July $80,000
August $90,000
September $70,000
Cost of goods sold is equal to 65% of sales. The company wants to maintain a monthly ending inventory equal to 130% of the Cost of Goods Sold for the following month. The inventory on June 30 is less than this ideal since it is only $65,000. The company is now preparing a Merchandise Purchases Budget.
Required:
a. The budgeted purchases for July are .

Purchases= $63,050

Explanation:

Giving the following information:

Sales:

July $80,000

August $90,000

September $70,000

The cost of goods sold is equal to 65% of sales.

The company wants to maintain a monthly ending inventory equal to 130% of the Cost of Goods Sold for the following month.

The inventory on June 30 is less than this ideal since it is only $65,000.

To calculate the purchases for July, we need to use the following formula:

Purchases= sales + desired ending inventory - beginning inventory

Purchases= 80,000*0.65 + (90,000*0.65)*1.3 - 65,000

Purchases= $63,050

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