Question: Consider the following information provided by Smith & Jones for the three months ending 30 September: Inventory balance (actual) 1 July $88,000 Inventory balance (budgeted)

Consider the following information provided by Smith & Jones for the three months ending 30 September: Inventory balance (actual) 1 July $88,000 Inventory balance (budgeted) 30 September $93,000 Budgeted sales $312,000 Budgeted inventory purchases $64,000. The budget gross profit for the September quarter is:

Select one:

a. $195,000

b. $243,000

c. $253,000

d. $248,000

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