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14-7 Caine had a beginning inventory balance of 3,600 on April 1 and a beginning balance in accounts payable of 14,800.

14-7
Caine had a beginning inventory balance of 3,600 on April 1 and a beginning balance in accounts payable of 14,800. The company desires to maintain an ending inventory balance equal to 10% of the next periods cost of goods sold. Caine makes all purchases on account. The company pays 50% of accountings payable in the month of purchase and the remaining 50% in the month following purchase.
Budgeted cost of goods sold April 60,000, May 70,000, June 80,000, July 86,000
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Solution to assignment of BROWNCHICK (March 25).xlsx

Solution to assignment of BROWNCHICK (March 25)
Caine Company
PURCHASES BUDGET Budgeted cost of goods sold
Add: Desired ending inventory
Total required inventories
Less: Beginning inventory...

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