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  3. (3) pinto company has the following data: 40% of g

(3) Pinto Company has the following data: 40% of gale is collected during the month,...

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Accounting

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(3) Pinto Company has the following data: 40% of gale is collected during the month, 50% the following month, and 10% lost. The cost of sales is 60%, and the inventory at the end of December was $20,000. Desired inventory levels are 30% of next month's cost of sales. Prepare the purchase budget, and the cash collection budget (Jan-March). (4) Sparky Corporation has the following information: Purchases are paid for in the following manner: 10% in the mouth of purchase 80% in the month after purchase 10% two months after purchase Sales are equivalent to 150% of the purchases, collected 80% in the month of ale and 20% the following month. Required: Prepare for March through May a gchedule of: 1. Sales Budget 2. Cash Budget

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