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Brooklyn Furniture, a retail store, has an average gross profit ratio of 49%. The sales...

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Accounting

Brooklyn Furniture, a retail store, has an average gross profit ratio of 49%. The sales forecast for the next four months follows:

July $ 263,000

August 202,000

September 301,000

October 406,000

Management's inventory policy is to have ending inventory equal to 380% of the cost of sales for the subsequent month, although it is estimated that the cost of inventory at June 30 will be $403,000. Required: Calculate the purchases budget, in dollars, for the months of July and August.

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