Michael Company has a sales budget for the next month of $300,000. 

Cost of goods sold is expected to be 50% of sales. 

All units are paid in the month following the purchase. 

Beginning inventory is $10,000 and ending inventory of $12,000 is desired. 

Beginning accounts payable is $76,000. 

What are the purchases for the next month?

Answer rating: 100% (QA)

To calculate the purchases for the next month we need to consider the desired endin... View the full answer