Marigold company estimates that 2017 sales will be $42,500 in quarter 1, $53,700 in quarter 2, and $65,700 in quarter 3. cost of goods sold is 50% of sales. management desires to have ending finished goods inventory equal to 22% of the next quarter’s expected cost of goods sold. prepare a merchandise purchases budget by quarter for the first 6 months of 2017.

$ 50.652  

Explanation:

Each month the company has to purchase the inventory to the next quarter and cover the cost of goods of the current quarter which is the costo of good of the months minus the initial inventory.

Quarter 1    -  Quarter 2  -   Quarter 3

$42,500     -  $53,700     -   $65,700   - Sales

$21,250      -  $26,850     -  $32,850 -  Cost of Goods

$4,675       -  $5,907       -    $7,227   -   Initial Inventory

$22,482     -    $28,170   -     Merchandises Purchases

Total Merchandise purchases for the first two quarters :

$50,562 = $22,482 + $28,170

$22,482 = $21,250 - $4,675 + $5,907

$28,170 = $26,850 - $5,907 + $7,227

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

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