ABC company has budgeted the following sales. January February Sales (on Income statement) $100,000 $200,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale A/R at Dec 31 = $60,000 What are the cash collections for January and February? Select one: $58,000 for January and $158,000 for February $40,000 for January and $80,000 for February $118,000 for January and $158,000 for February none of the answers is correct ABC company nas duagetea the following sales. January February March Sales (on $100,000 $200,000 $250,000 Income statement) Cost of goods sold is 60% of sales What is the budgeted cost of goods sold for each month? Select one: not enough information is given January $60,000; Feb $120,000; March $150,000 January $100,000; Feb $200,000; March $250,000 January $40,000; Feb $80,000; March $100,000 ABC company has budgeted the following sales. January February March Sales (on $100,000 $200,000 $250,000 Income statement Cost of 70% of 70% of 70% of goods sales sales sales sold What is the gross profit in $ for each month? Select one: January $50,000; February $90,000; March $105,000 January $30,000; February $60,000; March $75,000 January $70,000; February $140,000; March $175,000 none of the answers is correct ABC company has budgeted the following sales January Sales (on $140,000 ncome statement) The selling price is $10 per unit If the cost of each unit sold is $6 what is the budgeted cost of goods sold for January? Select one: $56,000 not enough information is given $84,000 $140,000 ABC company has budgeted the following cost of goods sold January February Sales con Income statement) CGS $80,000 $120,000 If the cost of goods sold is equal to 40% of sales what are the budgeted sales for each month? Select one a. January $80,000; February $120,000 b. not enough information is given c. January $32,000, February $48,000 d. January $200,000; February $300,000