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  3. 0123:30 assume the following budgeted information

0123:30 Assume the following budgeted information for a merchandising company Budgeted sales (all on credit)...

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Accounting

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0123:30 Assume the following budgeted information for a merchandising company Budgeted sales (all on credit) for November, December, and January are $250,000, $220,000, and $200,000, respectively, Cash collections of credit sales are expected to be 75% in the month of sole and 25% in the month following the sale. The cost of goods sold is always 65% of sales Each month's ending inventory equals 20% of next month's cost of goods sold 40% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month, Monthly selling and administrative expenses that are paid in cash in the month incurred total $20,500. Monthly depreciation expense is $20,000 The expected cash collections from customers in December are: The expected cash collections from customers in December are: Multiple Choice - $242,500. $227,500. $233,400. $215,000

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