Cost Management: A Strategic Emphasis 7th Edition by Edward Blocher,David Stout ,Paul Juras,Gary Cokins

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Cash Receipts and Payments Information pertaining to Noskey Corporation's sales revenue follows:

Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price.
Required Determine for Noskey:
1. Budgeted cash collections in December 2015 from November 2015 credit sales.
2. Budgeted total cash receipts in January 2016.
3. Budgeted total cash payments in December 2015 for inventory purchases.
(CPA Adapted)