Question
Emergency!!! E8-11 (Algo) Calculating Cash Receipts [LO 8-4] Shadee Corp. expects to sell 590 sun visors in May and 350 in June. Each visor sells
Emergency!!!
E8-11 (Algo) Calculating Cash Receipts [LO 8-4] Shadee Corp. expects to sell 590 sun visors in May and 350 in June. Each visor sells for $17. Shadees beginning and ending finished goods inventories for May are 70 and 45 units, respectively. Ending finished goods inventory for June will be 55 units. It expects the following unit sales for the third quarter:
July 560
August 460
September 450
60% of Shadees sales are cash. Of the credit sales, 54 percent is collected in the month of the sale, 38 percent is collected during the following month, and 8 percent is never collected.
Required:
Calculate Shadees total cash receipts for August and September. (Do not round your intermediate calculations. Round your answers to the nearest whole dollar.)
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