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SALES: billings are collected within the discount period; 30% are collected by the end of...

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Accounting

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SALES: billings are collected within the discount period; 30% are collected by the end of the month; 9% are collected by the end of the second month; and 6% turn out to be uncollectible. PURCHASES: Actual and projected sales are as shown below. What are the budgeted merchandise purchases (in dollars) for May? Multiple Choice $592,250 $657,910. $625,000 $622,500

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