20 acct questions 2

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Lily Company estimates that 2022 sales will be $44,000 in quarter 1, $52,800 in quarter 2, and $63,800 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter’s expected cost of goods sold.

Prepare a merchandise purchases budget by quarter for the �rst 6 months of 2022.

LILY COMPANY Merchandise Purchases Budget

Quarter

1 2 Six Months

$ $

: 

221 Exam 3 Ch 22-25

Question 14 of 20 - / 7.5

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221 Exam 3 Ch 22-25

Question 14 of 20 - / 7.5