G Bernie Company sells buttons to fabric stores. Sales are expected to be $2,038,776 in January, $2,352,253 in February and $3,068,891 in March. Bernie Company sets their prices so that they earn an average 48% gross profit on sales revenue. What is budgeted cost of goods sold for February?

Based on the information given the budgeted cost of goods sold for February is $1,223,171.56.

Using this formula

Budgeted cost of goods sold= Sales revenue - Gross profit

Where:

Sales revenue=$2,352,253

Gross profit= (48% × $2,352,253)

Let plug in the formula

Budgeted cost of goods sold= $2,352,253 - (48% × $2,352,253 )

Budgeted cost of goods sold= $2,352,253  - $1,129,081.44

Budgeted cost of goods sold= $1,223,171.56

Inconclusion  the budgeted cost of goods sold for February is  $1,223,171.56.

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$1,223,171.56

Explanation:

As we know that

The gross profit = Sales revenue - cost of goods sold

Where,

Sales revenue is $2,352,253

And, the gross profit is

= $2,352,253 × 48%

= $1,129,081.44

So, the cost of goods sold is

= $2,352,253 - $1,129,081.44

= $1,223,171.56

We simply applied the above formula so that the cost of goods sold could come

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.

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