g Bernie Company sells buttons to fabric stores. Sales are expected to be $2,038,776 in January, $2,352,253 in February and $3,068,891 in March. Bernie Company sets their prices so that they earn an average 48% gross profit on sales revenue. What is budgeted cost of goods sold for February?

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andromache andromache · Answer 1 · 2020-04-12T17:39:34+02:00

Answer:

$1,223,171.56

Explanation:

As we know that

The gross profit = Sales revenue - cost of goods sold

Where,

Sales revenue is $2,352,253

And, the gross profit is

= $2,352,253 × 48%

= $1,129,081.44

So, the cost of goods sold is

= $2,352,253 - $1,129,081.44

= $1,223,171.56

We simply applied the above formula so that the cost of goods sold could come

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abiolataiwo2015 abiolataiwo2015 · Answer 2 · 2021-11-19T12:51:23+01:00

Based on the information given the budgeted cost of goods sold for February is $1,223,171.56.

Using this formula

Budgeted cost of goods sold= Sales revenue - Gross profit

Where:

Sales revenue=$2,352,253

Gross profit= (48% × $2,352,253)

Let plug in the formula

Budgeted cost of goods sold= $2,352,253 - (48% × $2,352,253 )

Budgeted cost of goods sold= $2,352,253 - $1,129,081.44

Budgeted cost of goods sold= $1,223,171.56

Inconclusion the budgeted cost of goods sold for February is $1,223,171.56.

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