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Assume the following budgeted information for a merchandising company: Budgeted sales ( all on credit ) for November, December, and January are $ 2 5
Assume the following budgeted information for a merchandising company:
Budgeted sales all on credit for November, December, and January are $ $ and $ respectively.
Cash collections of credit sales are expected to be in the month of sale and in the month following the sale.
The cost of goods sold is always of sales.
Each months ending inventory equals of next months cost of goods sold.
of each months merchandise purchases are paid in the current month and the remainder is paid in the following month.
Monthly selling and administrative expenses that are paid in cash in the month incurred total $
Monthly depreciation expense is $
The expected cash collections from customers in December are:
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