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Question
Memphis Company's May sales budget calls for sales of $900,000. The store expects to begin May with $50,000 of inventory and to end the month with $55,000 of inventory. Gross margin is typically 45% of sales. Compute the budgeted cost of merchandise purchases for May.A.$550,000.
B.$500,000.
C.$495,000.
D.$460,000.
E.$490,000.
Answer
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