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34. General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases Month June July August September October $69,000 78,500 78,100 76,000 78,200 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate total cash paymen made in October for purchases. A) $46,920 B) $77,090 C) $74,600 D) $45,420

34. General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases Month June July August September October $69,000 78,500 78,100 76,000 78,200 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate total cash paymen made in October for purchases. A) $46,920 B) $77,090 C) $74,600 D) $45,420

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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34. General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases Month June July August September October $69,000 78,500 78,100 76,000 78,200 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate total cash payments made in October for purchases. A) $46,920 B) $77,090 C) $74,600 D) $45,420
Transcribed Image Text:34. General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases Month June July August September October $69,000 78,500 78,100 76,000 78,200 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate total cash payments made in October for purchases. A) $46,920 B) $77,090 C) $74,600 D) $45,420
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