Question
44 45 Homework 24-1 46 Marco's budgeted ales and direct material purchases are as follows: 47 48 January 49 February 50 March 51 April
44 45 Homework 24-1 46 Marco's budgeted ales and direct material purchases are as follows: 47 48 January 49 February 50 March 51 April 52 Budgeted Sales $200,000 $220,000 $250,000 $240,000 Budgeted Material Purchases $80,000 $82,000 $84,000 $87,000 53 Marco's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in 54 the month following the sale, 36% in the second month following the sale, and 4% are uncollectible. 55 Marco's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month 56 of the purchase and 60% in the month following the purchase. Direct labor and overhead for 57 each month is estimated to be $120,000 58 March 1 beginning cash is estimated to be $25,000. 59 60 61 62 Beginning Cash 63 64 March & April cash sales 65 March credit sales 66 April credit sales 67 February credit sales 68 January credit sales 69 70 March & April cash purchases 71 March credit purchases 72 April credit purchases 73 February credit purchases 74 Direct Labor and Overhead 75 76 March April $25,000 So 50 ($120,000) Ending Cash ($120,000) 77
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