Goldfish Department Store typically makes 50% of its sales on credit. Sales are billed twice monthly, on the 10th of the month for the last half of the prior months' sales and on the 20th of the month, for the first half of the current months' sales. All credit sales are made with terms of 2/10, n/30. Based on past experience, accounts receivable are collected in the attached chart. Sales for May 20X5 were $600,000 and projected sales for the next four months are as attached. Goldfish's average markup on its products is 30% of the selling price. Goldfish purchases merchandise for resale to meet the current month's sales demand and to maintain a desired monthly ending inventory of 25% of the next month's sales. All purchases are on account with terms of n/30. Goldfish pays for one half of a month's purchases in the month of purchase and the other half in the month following purchase. All sales and purchases occur evenly throughout the month. REQUIRED: (1) (2) (3) (4) (5) Using the attached form, calculate the amount of cash Goldfish can plan to collect from accounts receivable during July 20X5? Show supporting computations. Using the attached form, calculate the amount of cash Goldfish can plan to collect in total in September 20X5? Show supporting computations. Using the attached form, what will be the budgeted dollar value of Goldfish's inventory on August 31, 20X5? Show supporting computations. Using the attached form, how much merchandise should Goldfish plan to purchase during June 20X5? Show supporting computations. Using the attached form, calculate the amount of Goldfish's budgeted cash payments for merchandise during August 20X5? Show supporting computations. GOLDFISH DEPARTMENT STORE INFORMATION RELATING TO COLLECTION OF ACCOUNTS RECEIVABLE Within the discount period On the 30th day Uncollectible June July August September GOLDFISH DEPARTMENT STORE PROJECTED SALES FOR MONTHS JUNE THROUGH SEPTEMBER 20X5 80% 18% 2% $ 800,000 700,000 800,000 600,000 (1) GOLDFISH DEPARTMENT STORE COLLECTIONS ON ACCOUNTS RECEIVABLE FOR JULY 20X5 Date of Billings Date of Collection Calculation Amount GOLDFISH DEPARTMENT STORE CASH COLLECTIONS FOR SEPTEMBER 20X5 Date of Collection Calculation (2) Date of Billings (3) GOLDFISH DEPARTMENT STORE CALCULATION OF INVENTORY BALANCE AT AUGUST 31, 20X5 Amount (4) GOLDFISH DEPARTMENT STORE CALCULATION OF JUNE 20X5 PURCHASES Estimated June Sales Add: Desired Ending Inventory Less: Beginning Inventory Estimated Purchases at Retail Sales Prices Times Cost of Goods Sold Percentage Estimated Purchases at Cost (5) GOLDFISH DEPARTMENT STORE CALCULATION OF AUGUST 20X5 CASH PAYMENTS FOR MERCHANDISE PURCHASES Estimated July Sales Add: Desired Ending Inventory Less: Beginning Inventory Estimated Purchases at Retail Sales Prices Times Cost of Goods Sold Percentage Estimated Purchases at Cost For July Estimated August Sales Add: Desired Ending Inventory Less: Beginning Inventory Estimated Purchases at Retail Sales Prices Times Cost of Goods Sold Percentage Estimated Purchases at Cost For August Payments For July Purchases Payments For August Purchases Total Payments For Merchandise Purchases in August 20X5