Precious Stones Ltd. is a retail jeweler. Most of the firm?s business is in jewelry and watches.
Question:
Precious Stones Ltd. is a retail jeweler. Most of the firm?s business is in jewelry and watches. The firm?s average gross profit ratio for jewelry and watches is 70% and 40%, respectively. The sales forecast for the next two months for each product category is as follows:
The company?s policy, which is expected to be achieved at the end of April, is to have ending inventory equal to 150% of the next month?s cost of goods sold.
Required:
a. Calculate the cost of goods sold for jewelry and watches for May and June.
b. Calculate a purchases budget, in dollars, for each product for the month of May.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Related Book For 
Accounting What the Numbers Mean
ISBN: 978-1260565492
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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