Solved

Blue Has Forecast Sales to Be $410,000 in February,$540,000 in March,$580,000

Question 96

Multiple Choice

Blue has forecast sales to be $410,000 in February,$540,000 in March,$580,000 in April,and $620,000 in May.The average cost of goods sold is 60% of sales.All sales are made on credit and sales are collected 50% in the month of sale,30% the month following and the remainder two months after the sale.What are budgeted cash receipts in May?


A) $592,000
B) $620,000
C) 310,000
D) $483,334

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents