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Acme Corporation's accounts payable relate solely to materials purchases. Acme pays for 60% of purchases during the month of purchase and the remainder the following
Acme Corporation's accounts payable relate solely to materials purchases. Acme pays for 60% of purchases during the month of purchase and the remainder the following month. Actual material purchases for December 2023 are $70000. Budeted material purchases for the first three months and the quarter total are: REQUIRED: Based on the above information, calculate the cash payment amounts for materials for the first three months of 2024 as well as the Quarter 1 total
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