When preparing the monthly production budget, the desired ending inventory of August is:
a. the beginning inventory for September.
b. the cost of goods sold for August.
c. the cost of goods sold for July.
d. the beginning inventory for August.
a
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Assume a beginning inventory of $100,000 with purchases during the month of $90,000 and net sales of $130,000 with a normal gross profit of 30% of sales. Using the gross profit method, estimate the end of month inventory valuation
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Indicate whether the statement is true or false