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Midland Company buys tiles and prints different designs on them for souvenir and gift stores....

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Accounting

Midland Company buys tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small company in Europe, so at all times it keeps on hand a stock equal to the tiles needed for three months sales. The tiles cost $1.00 each and must be paid for in cash. The company has 28,000 tiles in stock. Sales estimates, based on contracts received, are as follows for the next six months:

January 13,400
February 16,900
March 12,300
April 13,900
May 9,900
June 7,900

Required:

a. & b. Estimate purchases (in units) and cash required to make purchases in January, February, and March.

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