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Fosnight Enterprises prepared the following sales budget: Month Budgeted Sales March $6,000 April $13,000 May...

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Accounting

Fosnight Enterprises prepared the following sales budget: Month Budgeted Sales

March $6,000

April $13,000

May $12,000

June $14,000

The expected gross profit rate is 30% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold. What is the desired ending inventory on May 31?

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