Tolga Moving Systems,Inc.has provided the following details for direct materials purchased on account in different months.
$$\begin{array} { l l }
\text { Jan } & \$ 35,000 \
\text { Feb } & \mathbf { 3 , 0 0 0 } \
\text { March } & \mathbf { 3 4 , 0 0 0 } \
\text { April } & \mathbf { 3 9 , 0 0 0 } \
\text { May } & \mathbf { 3 2 , 0 0 0 } \
\text { June } & \mathbf { 2 9 , 0 0 0 }
\end{array}$$ 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.
 $$\begin{array} { l l } 
\text { Jan } & \$ 35,000 \
\text { Feb } & \mathbf { 3 , 0 0 0 } \
\text { March } & \mathbf { 3 4 , 0 0 0 } \
\text { April } & \mathbf { 3 9 , 0 0 0 } \
\text { May } & \mathbf { 3 2 , 0 0 0 } \
\text { June } & \mathbf { 2 9 , 0 0 0 }
\end{array}$$ 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.
 $$\begin{array} { l l } 
\text { Jan } & \$ 35,000 \
\text { Feb } & \mathbf { 3 , 0 0 0 } \
\text { March } & \mathbf { 3 4 , 0 0 0 } \
\text { April } & \mathbf { 3 9 , 0 0 0 } \
\text { May } & \mathbf { 3 2 , 0 0 0 } \
\text { June } & \mathbf { 2 9 , 0 0 0 }
\end{array}$$ 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 Purchased