KN Florals receives the same checks each month.Of these monthly checks,48 are for $82.60 each,15 are for $71.50 each,and 9 are for $40.70 each.The delay for the $82.60 checks is 1.8 days,for the $71.50 checks 1.1 days,and for the $40.70 checks 1.3 days.Calculate the average daily float.Assume a 30-day month.

Question

Quizplus · Accepted Answer

Step 1: Calculate the total monthly float for each type of check
- $82.60 checks: 48 x $82.60 x 1.8 days = $7,094.56
- $71.50 checks: 15 x $71.50 x 1.1 days = $1,168.25
- $40.70 checks: 9 x $40.70 x 1.3 days = $471.51

Step 2: Calculate the total monthly float for all checks
- Total monthly float = $7,094.56 + $1,168.25 + $471.51 = $8,734.32

Step 3: Calculate the average daily float
- Average daily float = Total monthly float / Number of days in a month
- Average daily float = $8,734.32 / 30 = $291.14

Therefore, the best answer choice is A) $293.09, which is the closest to the calculated average daily float of $291.14.

KN Florals Receives the Same Checks Each Month