Use the Following Information for Questions
Sloan Company, a Wholesaler

question 41

Multiple Choice

Use the following information for questions
Sloan Company, a wholesaler, budgeted the following sales for the indicated months: $\begin{array}{lrrr}&\text { June}&\text { July }&\text {Auqust }\\\text { Sales on account } & \$ 1,800,000 & \$ 1,840,000 & \$ 1,900,000 \\\text { Cash sales } & 180,000 & 200,000 & 260,000\\\text { Total sales } & \$ 1,980,000 & \$ 2,040,000 &\$ 2,160,000\\\end{array}$ All merchandise is marked up to sell at its invoice cost plus 20%.Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold.
-Merchandise purchases for July are anticipated to be

• A)$1,632,000.
• B)$2,076,000.
• C)$1,700,000.
• D)$1,730,000.

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Definitions:

Beyond A Reasonable Doubt

The standard of evidence required to validate a criminal conviction in most courts, denoting a high level of certainty that the accused is guilty as charged.

Oral Or Written Contract

An agreement between parties that can be either spoken or documented in writing, legally binding both parties to its terms.

Article Of The UCC

A specific section of the Uniform Commercial Code, which is a set of laws that govern commercial transactions in the United States.

Negotiable Instruments

Financial documents that are transferable from one party to another, promising to pay a specified amount either on-demand or at a future date.