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Budget Vaughn Company reported the following information for 2020: September $239400 October $309900 November December $290600 $360800 January $200700 Budgeted sales Budgeted purchases $89800 $119800
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Vaughn Company reported the following information for 2020: September $239400 October $309900 November December $290600 $360800 January $200700 Budgeted sales Budgeted purchases $89800 $119800 $128100 $144000 $87400 . . All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 30% of sales. Vaughn purchases and pays for merchandise 70% in the month of acquisition and 30% in the following month. Accounts payable is used only for inventory acquisitions. . How much cash will Vaughn receive during November Step by Step Solution
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