Given Data

Budget data for Luna Housewares, a merchandising company:

a$)$ Budgeted unit sales

January $13,000$

February $10,000$

March $11,000$

April $12,000$

b$)$ Selling price, per unit: $$60$

c$)$ All sales are on account, there are no uncollectible accounts

Percent of sales collected in the month of sale $60\%$

Percent of sales collected in the month following the sale $40\%$

Beginning Accounts Receivable balance $($from Dec. sales$),$ $$310,000$

all of which will be collected in January

d$)$ Each month's ending inventory must equal: $25\%$ of next month's budgeted sales

The cost of goods sold: $55\%$ of sales

Beginning inventory on January $1$ $$205,000$

e$)$ All merchandise purchases are on account

Percent of merchandise purchases paid for in month of purchase $50\%$

Percent of purchases paid for in the month following the purchase $50\%$

Accounts Payable balance at Dec. $31,$ which will be paid in Jan. $$210,000$