Question
Blossom Companys budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $204,000 $30,600 February 224,400 36,500 March 255,000 39,200
Blossom Companys budgeted sales and direct materials purchases are as follows.
Budgeted Sales | Budgeted D.M. Purchases | |||
---|---|---|---|---|
January | $204,000 | $30,600 | ||
February | 224,400 | 36,500 | ||
March | 255,000 | 39,200 |
Blossoms sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Blossoms purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March.
BLOSSOM COMPANY Expected Collections from Customers | ||
---|---|---|
March | ||
select an item Collection of March credit salesJanuary cash salesPayment of March credit purchasesPayment of February credit purchasesCollection of January credit salesMarch cash purchasesCollection of February credit salesFebruary cash salesMarch cash sales | $enter a dollar amount | |
select an item February cash salesMarch cash salesJanuary cash salesPayment of February credit purchasesMarch cash purchasesCollection of January credit salesCollection of March credit salesCollection of February credit salesPayment of March credit purchases | enter a dollar amount | |
select an item February cash salesJanuary cash salesMarch cash salesCollection of February credit salesPayment of February credit purchasesPayment of March credit purchasesCollection of January credit salesMarch cash purchasesCollection of March credit sales | enter a dollar amount | |
select an item Payment of March credit purchasesMarch cash salesPayment of February credit purchasesCollection of January credit salesCollection of February credit salesFebruary cash salesJanuary cash salesCollection of March credit salesMarch cash purchases | enter a dollar amount | |
Total collections | $enter a total amount |
(b) Prepare a schedule of expected payments for direct materials for March.
BLOSSOM COMPANY Expected Payments for Direct Materials | ||
---|---|---|
March | ||
select an item Collection of February credit salesMarch cash salesCollection of January credit salesJanuary cash salesPayment of February credit purchasesFebruary cash salesMarch cash purchasesPayment of March credit purchasesCollection of March credit sales | $enter a dollar amount | |
select an item January cash salesCollection of January credit salesPayment of February credit purchasesPayment of March credit purchasesMarch cash purchasesMarch cash salesFebruary cash salesCollection of February credit salesCollection of March credit sales | enter a dollar amount | |
select an item Payment of February credit purchasesJanuary cash salesCollection of March credit salesCollection of January credit salesPayment of March credit purchasesMarch cash salesFebruary cash salesCollection of February credit salesMarch cash purchases | enter a dollar amount | |
Total payments | $enter a total amount |
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