Allen, Inc
Subject:AccountingPrice:2.87 Bought7
Allen, Inc. has the following budgeted? figures:
Jan Feb Mar April
Sales $57,200 $68,000 $82,000 $92,000
Cost of goods sold 60?% of sales
Required ending inventory $15,000 ?+ 20?% of next? month's sales
Inventory on hand on Jan 1 $30,000
Calculate the ending merchandise inventory for the month of March.
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Solution-
Ending merchandise inventory (March) = 20% of $92,000 next month sales + $15,000
Ending merchandise inventory (March) = $33,400
