A firm provides the following information about budgeted sales: Budgeted Sales for May Budgeted Sales for June Budgeted Sales for July Additional information: 4,800 units 4,300 units 4,500 units Budgeted Sales Price: $33/unit 40% of sales are made in cash and the remaining sales are made on credit • 20% of the credit sales are collected in the month of sale and the remaining credit sales are collected in the month following the sale ● What is the amount of budgeted cash collections for the month of June? (Round your final answer to the nearest dollar.)

A firm provides the following information about budgeted sales: Budgeted Sales for May Budgeted Sales for June Budgeted Sales for July Additional information: 4,800 units 4,300 units 4,500 units Budgeted Sales Price: $33/unit 40% of sales are made in cash and the remaining sales are made on credit • 20% of the credit sales are collected in the month of sale and the remaining credit sales are collected in the month following the sale ● What is the amount of budgeted cash collections for the month of June? (Round your final answer to the nearest dollar.)

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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Hiking General Store prepared the following sales budget: MONTH BUDGETED SALES MARCH RM4,000.00 APRIL RM14,000.00 MAY RM12,000.00 JUNE RM16,000.00 The expected gross profit rate is 30% and the inventory at the end of February was RM14,000. Desired inventory levels at the end of the month are 10% of the next month Cost Of Good Sold. Compute the total purchase budgetedfor April for Hiking General Store. Support your answer with explaination.
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