A company has budgeted the following purchases for the last four months of the current year.
BUDGETED PURCHASES FOR LAST FOUR MONTHS OF CURRENT YEAR
September
$ 400,000
November
$
October
450,000
December
The company pays for its purchases in the following manner: 70% of the purchases in the month of purchase with a 4% discount, and the remainder of the purchases in the month following purchase with no discount. What is the amount of estimated cash payments for purchases that the company will make in the month of December?