Popeil Products a wholesaler of fishing equipment budgeted the following
Popeil Products, a wholesaler of fishing equipment, budgeted the following sales for the indicated months:

All merchandise is marked up to sell at its invoice cost plus 20%. Target merchandise inventories at the beginning of each month are 25% of that month’s projected cost of goods sold.
1. Compute the budgeted cost of goods sold for the month of June 20X8.
2. Compute the budgeted merchandise purchases for July20X8.
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