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Dayton has forecast sales to be $211,000 in February, $274,000 in March, $291,000 in April,...

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Accounting

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Dayton has forecast sales to be $211,000 in February, $274,000 in March, $291,000 in April, and $312,000 in May. The average cost of goods sold is 65% of sales All sales are made on credit and sales are collected 50% in the month of sale, 35% the month following and the remainder two months after the sale. What are budgeted cash receipts in May? Multiple Choice $247,550 $180,050 $298,950 $167,300 Dane Inc. has forecast purchases on account to be $317,000 in March, $372,000 in April, $422,000 in May, and $491,000 in June. Seventy percent of purchases are paid for in the month of purchase, the remaining 30% are paid in the following month. What are budgeted cash payments for April? Multiple Choice $129.500 $262.500 $388,500 $355,500 Mango Place has forecast its sales for the coming months as follows: April May June July Standard Deluxe Units Units 104 76 117 140 90 152 101 The standard unit sells for $209, the deluxe unit sells for $359. Required: Prepare a sales budget for each of the three months April through June as well as the total for the quarter. Present the budget for each product as well as total sales. Standard Deluxe Total April May June Quarter

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