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Memphis Company's May sales budget calls for sales of $800,000. The store expects to begin...

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Memphis Company's May sales budget calls for sales of $800,000. The store expects to begin May with $40,000 of inventory and to end the month with $45,000 of inventory. Gross margin is typically 35% of sales. Compute the budgeted cost of merchandise purchases for May. Skipped Multiple Choice $525,000 $280,000 $515,000. O $520,000 $285,000

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