Tolga Moving Systems, Inc. has provided the following details for direct materials purchased on account in different months.
$$\begin{array} { l l }
\text { Jan } & \mathbf {\$ 35,000} \
\text { Feb } & \mathbf { 28 , 0 0 0 } \
\text { March } & \mathbf { 3 4 , 0 0 0 } \
\text { April } & \mathbf { 3 9 , 0 0 0 } \
\text { May } & \mathbf { 3 2 , 0 0 0 } \
\text { June } & \mathbf { 2 9 , 0 0 0 }
\end{array}$$ The terms of payment offered by the suppliers are to pay 70% in the month of purchase and 30% in the following month. Calculate the payments on account made during the first six months.

Question

Tolga Moving Systems, Inc. has provided the following details for direct materials purchased on account in different months.
 $$\begin{array} { l l } 
\text { Jan } & \mathbf {\$ 35,000} \
\text { Feb } & \mathbf { 28 , 0 0 0 } \
\text { March } & \mathbf { 3 4 , 0 0 0 } \
\text { April } & \mathbf { 3 9 , 0 0 0 } \
\text { May } & \mathbf { 3 2 , 0 0 0 } \
\text { June } & \mathbf { 2 9 , 0 0 0 }
\end{array}$$ The terms of payment offered by the suppliers are to pay 70% in the month of purchase and 30% in the following month. Calculate the payments on account made during the first six months.

Quizplus · Accepted Answer

The Answer of Tolga Moving Systems, Inc. has provided the following details for direct materials purchased on account in different months.
 $$\begin{array} { l l } 
\text { Jan } & \mathbf {\$ 35,000} \
\text { Feb } & \mathbf { 28 , 0 0 0 } \
\text { March } & \mathbf { 3 4 , 0 0 0 } \
\text { April } & \mathbf { 3 9 , 0 0 0 } \
\text { May } & \mathbf { 3 2 , 0 0 0 } \
\text { June } & \mathbf { 2 9 , 0 0 0 }
\end{array}$$ The terms of payment offered by the suppliers are to pay 70% in the month of purchase and 30% in the following month. Calculate the payments on account made during the first six months.

Tolga Moving Systems, Inc The Terms of Payment Offered by the Suppliers Are to Direct