FRANCORP is preparing budgets for the quarter ending March 31. Budgeted sales for the next 5 months are as follows: January - 16250 units February - 16950 units March - 17200 units April - 18350 units May - 17900 units The selling price per unit is $15. Assume all sales are on account. This means that all sales ARE NOT CASH SALES. They are waiting for their customers to pay. FRANCORP'S collection pattern is: 25% in the month of sale 60% in the month following sale 15% in the second month following sale All sales were collected from the previous quarter. Determine the total cash collected for the entire quarter ending March 31st. a. $488,610.15 b. $515,895.25 c. $494,750.35 d. $524,362.50

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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FRANCORP is preparing budgets for the quarter ending March 31. Budgeted sales for the next 5 months are as follows:

January - 16250 units
February - 16950 units
March - 17200 units
April - 18350 units
May - 17900 units

The selling price per unit is $15.

Assume all sales are on account. This means that all sales ARE NOT CASH SALES. They are waiting for their customers to pay. FRANCORP'S collection pattern is:

25% in the month of sale
60% in the month following sale
15% in the second month following sale

All sales were collected from the previous quarter. Determine the total cash collected for the entire quarter ending March 31st.

a. $488,610.15
b. $515,895.25
c. $494,750.35
d. $524,362.50

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