Solved: Cost of goods sold is 35 of sales how much is the budgeted, Accounting Basics

Cost of goods sold is 35 of sales how much is the budgeted

Question - Correy Company reported the following information for 2013:

October November December

Budgeted sales $460,000 $440,000 $540,000

Budgeted purchases$240,000 $256,000 $288,000

Cost of goods sold is 35% of sales.
Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.
Accounts payable is used only for inventory acquisitions.

How much is the budgeted balance for Accounts Payable at October 31, 2013?

A. $204,000

B. $96,000

C. $144,000

D. $102,400

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Accounting Basics: Cost of goods sold is 35 of sales how much is the budgeted

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