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Business, 27.02.2020 22:24 heyitseddie06

Information pertaining to Noskey Corporation’s sales revenue follows: Nov 2018 (Actual) Dec 2018 (Budgeted) Jan 2019 (Budgeted) Cash sales $ 100,000 $ 112,000 $ 68,000 Credit sales 264,000 388,000 196,000 Total sales $ 364,000 $ 500,000 $ 264,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month’s projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Required: Determine for Noskey: (1) Budgeted cash collections in December 2018 from November 2018 credit sales. (2) Budgeted total cash receipts in January 2019. (3) Budgeted total cash payments in December 2018 for inventory purchases.

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Information pertaining to Noskey Corporation’s sales revenue follows: Nov 2018 (Actual) Dec 2018 (Bu...

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