ABC company has budgeted the following sales. January Sales (on Income statement) $100,000 Cost of goods sold is 60% of sales and the unit cost is $6 per unit As a policy ABC does not maintain any inventories of finished goods. How much inventory (in units and dollars) is needed to satisfy each month sales? Select one: none of these answers is correct o 10,000 units; $60,000 o 6,000 units; $36,000 o 3,000 units; $18,000 ABC company has budgeted the following sales. January February $200,000 Sales (on Income statement) $100,000 Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $85,000 What are the cash collections for January and February ? Select one: $20,000 for January and $120,000 for February none of the answers is correct * $20,000 for January and $40,000 for February $105,000 for January and $120,000 for February ABC company has budgeted the following sales. January Sales (on Income statement) $100,000 Sales are 60% credit and 40% cash Credit sales are collected 30% in the month of sale, 70% in the month following the sale December sales were $80,000 ( 60% credit and 40% cash) What amount was collected from the December sales in January? Select one: $33,600 $80,000 X $48,000 $14,400 ABC company has budgeted the following cost of goods sold February January Sales (on 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. not enough information is given b. January $80,000; February $120,000 C. January $32,000; February $48,000 x d. January $200,000; February $300,000