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Business, 08.11.2019 23:31 bagofmud8339

Lumpkin company sells lamps and other lighting fixtures. the purchasing department manager prepared the following inventory purchases budget. lumpkin’s policy is to maintain an ending inventory balance equal to 10 percent of the following month’s cost of goods sold. april’s budgeted cost of goods sold is $40,000. determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.

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