ASAP

Problem 1. Capes Corporation has budgeted sale of its popular groter as follows: Month Units Unit Price Budgeted sales June 60,000 $10 $600,000 July 50,000 $10 $500,000 August 20,000 $10 $200,000 September 30,000 $10 $300,000 October 40,000 $10 $400,000 From past experience, the company has learned that 40% of a month's sale are collected in the month of sale, another 60% are collected in the month following the sale. a. Prepare a schedule of expected cash collections from sales for the third quarter (July, August, September). (10 pts) b. What is the accounts receivable balance as of the end of September? (5pts) The company is now in the process of preparing a production budget. Past experience has shown that end-of-month inventory levels must equal 10% of the following month's unit sales. July's Beginning finished goods inventory is 5000 units. c. Prepare a production budget by month and in total, for the third quarter (July, August, September). (10 pts)