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Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its...

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Accounting

Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its credit sales.

75 percent collected in the month of sale.

15 percent collected in the first month after sale.

5 percent collected in the second month after sale.

4 percent collected in the third month after sale.

1 percent uncollectible.

The sales on account have been budgeted for the last seven months as follows:

June $ 125,500
July 153,000
August 178,000
September 206,000
October 231,000
November 256,000
December 218,500

Required:

Compute the estimated total cash collections during October from credit sales.

Compute the estimated total cash collections during the fourth quarter from sales made on account during the fourth quarter.

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