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33 The projections of flour (DM) purchases that follow are for the Rice Bowl: Purchases on Account Cash Purchases January-20 $78,000 $28,000 February-20 86,000 33,000
33 | The projections of flour (DM) purchases that follow are for the Rice Bowl: | ||||||
Purchases on Account | Cash Purchases | ||||||
January-20 | $78,000 | $28,000 | |||||
February-20 | 86,000 | 33,000 | |||||
March-20 | $95,000 | $30,000 | |||||
April-20 | $130,000 | $46,000 | |||||
May-20 | 155,000 | 52,000 | |||||
June-20 | $142,000 | $39,000 | |||||
July-20 | $126,000 | $31,000 | |||||
The company pays for 30% of purchases on account in the month of purchase' 10% in the month following the purchase and 60% in the second month following the purchase. Prepare a monthly schedule of expected cash payments for direct materials for each of the individual months of the second quarter (April - June) of 2020. Also, please show the total for the quarter. (10 points) | |||||||
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