Business, 12.02.2021 01:00 johnthevarietyboy200
At the beginning of Year 2, England Dresses has an inventory of $80,000. However, management wants to reduce the amount of inventory on hand to $40,000 at December 31. If net sales for Year 2 are forecast at $240,000 and the gross profit rate is expected to be 24%, What is the cost of the merchandise which management should expect to purchase during Year 2? (Hint: First compute the expected cost of goods sold.)
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