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Correy Inc. reported the following information for 2016: October November December Budgeted sales $460,000...

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Accounting

Correy Inc. reported the following information for 2016:

October November December

Budgeted sales $460,000 $440,000 $540,000

Budgeted purchases $240,000 $256,000 $288,000

All sales are on credit.

Customer amounts on account are collected 50% in the month of sale and 50% in the following month.

Cost of goods sold is 35% of sales.

Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.

Accounts payable is used only for inventory acquisitions.

How much cash will Correy receive during November?

a. $220,000

b. $490,000

c. $450,000

d. $440,000

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