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Correy Inc. reported the following information for 2016: October November December Budgeted sales $460,000 $440,000 $540,000 Budgeted purchases $240,000 $256,000 $288,000 All sales are on
Correy Inc. reported the following information for 2016:
October November December
Budgeted sales $460,000 $440,000 $540,000
Budgeted purchases $240,000 $256,000 $288,000
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 35% of sales.
Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.
Accounts payable is used only for inventory acquisitions.
How much cash will correy disburse during november?
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