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Question 38 of 38 8/28 View Policies Show Attempt History Current Attempt in Progress The controller of Sheridan Company estimates sales and production for the first four months of 2022 as follows: January February March April Sales $32,200 $50,500 $42,200 1,400 $27,300 2.600 Production in units 1,100 2,000 Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of the sale. In the month after the sale, 40% of credit sales are collected. It takes 4 kg of direct materials to produce a finished unit, and direct materials cost $5 per kg. All direct materials purchases are on account, and are paid as follows: 40% in the month of the purchase and 60% the following month. Ending direct materials inventory for each month is 40% of the next month's production needs. January's beginning materials inventory is 1,000 kg. Suppose that both accounts receivable and accounts payable are zero at the beginning of January (a) Your answer is correct. What are the total cash sales for the January-March quarter? Total cash sales $ 49960 Attempts: 1 of 2 used (b) Your answer is correct. What is the accounts receivable balance at the end of March? Accounts receivable balance $ 12,120 Attempts: 1 of 2 used (c) What is the direct materials inventory balance at the end of March? Direct materials inventory balance kg Save for Later Attempts: 0 of 2 used Submit Answer (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e) The parts of this question must be completed in order. This part will be available when you complete the part above. (f) The parts of this question must be completed in order. This part will be available when you complete the part above. (g) The parts of this question must be completed in order. This part will be available when you complete the part above

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