Memphis Company anticipates total sales for April, May, and June of $890,000, $990,000, and $1,040,000...
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Memphis Company anticipates total sales for April, May, and June of $890,000, $990,000, and $1,040,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 10% are not collected. Compute the amount of cash received from total sales during the month of May.
a. $519,400
b. $634,200
c. $878,700
d. $581,700
e. $946,200
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