ACCOUNTING
Multiple Choice
Wallace Company provides the following data for next year:
Month Budgeted Sales
January $120,000
February 108,000
March 132,000
April 144,000
The gross profit rate is 40% of sales. Inventory at the end of December is $21,600 and target ending inventory levels are 30% of next month's sales, stated at cost.
Purchases budgeted for February total
a. $69,120
b. $60,480
c. $115,200
d. $64,800
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