$1.00 Chestnut Corporation
Chestnut Corporation has budgeted sales as follows:
April: $400,000 May: $360,000 June: $440,000 July: $520,000
Chestnut's gross margin is 20% of sales and their desired inventory levels are 40% of the next month's cost of goods sold. Chestnut pays for their inventory purchases during the month after purchase. How much are Chestnuts' budgeted payments for inventory purchases for the month of June?
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