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Zisk Company purchases direct materials on credit. Budgeted purchases are April, $87,000; May, $117,000; and June, $127,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $77,000. Prepare a schedule of cash payments for direct materials for April, May, and June.

Zisk Company purchases direct materials on credit. Budgeted purchases are April, $87,000; May, $117,000; and June, $127,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $77,000. Prepare a schedule of cash payments for direct materials for April, May, and June.

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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Zisk Company purchases direct materials on credit. Budgeted purchases are April, $87,000; May, $117,000; and June, $127,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $77,000. Prepare a schedule of cash payments for direct materials for April, May, and June.
Transcribed Image Text:Zisk Company purchases direct materials on credit. Budgeted purchases are April, $87,000; May, $117,000; and June, $127,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $77,000. Prepare a schedule of cash payments for direct materials for April, May, and June.
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