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Dayton has forecast sales to be $211,000 in February, $278,000 in March, $297,000 in April, and $313,000 in May. The average cost of goods sold
Dayton has forecast sales to be $211,000 in February, $278,000 in March, $297,000 in April, and $313,000 in May. The average cost of goods sold is 65% of sales. All sales are made on credit and sales are collected 55% in the month of sale, 35% the month following and the remainder two months after the sale. What are budgeted cash receipts in May?
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