Old Antique Store prepared the following budget information for the month of May
• Sales are budgeted at $413,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month •Inventory was $97,000 on April 30, an inventory increase of $18,000 is planned for May 31
• All inventory is marked to sell at cost plus 40 percent
• Estimated cash disbursements for selling and administrative expenses for the month are $51,000 • Depreciation for May is projected at $7,300
Old Antique budgeted cost of goods sold (CGS) in May is: