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Marty's Merchandise has budgeted sales as follows for the second quarter of the year: ...

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Accounting

Marty's Merchandise has budgeted sales as follows for the second quarter of the year:
April $ 30,000
May $ 60,000
June $ 50,000
Cost of goods sold is equal to 70% of sales. The company wants to maintain a monthly ending inventory equal to 120% of the cost of goods sold for the following month. The inventory on March 31 was below this target and was only $22,000. The company is now preparing a Merchandise Purchases Budget for April, May, and June.
The budgeted purchases for May are:

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