Sales of $250,000 Are Forecast for the Third Quarter

question 59

Multiple Choice

Sales of $250,000 are forecast for the third quarter. Gross profit is 60% of sales, and beginning inventory is $165,000. If ending inventory is budgeted as $183,000, what are the budgeted purchases?

• A) $118,000
• B) $132,000
• C) $168,000
• D) $82,000

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Definitions:

Procedural Memory

A type of long-term memory involved in the acquisition of skills and tasks that can be performed without conscious recall.

Episodic Memory

A subtype of long-term memory that involves the recollection of specific events, situations, and experiences.

Implicit Memory

Memory that influences our behavior without our conscious recognition, involving learned skills and conditioned behaviors.

Explicit Memory

Refers to the conscious, intentional recollection of factual information, previous experiences, and concepts.