The ‘pen and ink way’
You need the inventory used for June thru Aug at 60% of the sales = 420, 360 and 390 plus the closing inventory for June and July 15 % of 360 and 390. Then do the summation filling in the purchase values by calculation and double check + and -
Opening Inventory (a given) 63K
Relief in June (420)
Purchases 411 (9k less than purchases as inventory reduced in month by 9K)
Closing inventory 54K (15% of 360)
Relief in July (360)
Purchases for July 364.5 (Inventory increases by 4.5 more than relief)
Closing inventory 58.5 (15% of 390)
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Clifford Moggs CMA
Other
Reading
United Kingdom
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Original Message:
Sent: 02-17-2017 11:37 AM
From: Morgan Greenleaf
Subject: CMA Pop Quiz - Q167
Are you preparing for the CMA exam? Take our CMA Pop Quiz!
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Morgan Greenleaf
Social Media & Marketing Product Specialist
IMA
Montvale NJ
United States
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