Question
Here is a forecast of sales by National Bromide for the first 4 months of 2015 (figures in thousands of dollars): Month: 1 2 3
Here is a forecast of sales by National Bromide for the first 4 months of 2015 (figures in thousands of dollars): |
Month: | 1 | 2 | 3 | 4 | ||||||||
Cash sales | 33 | 42 | 36 | 32 | ||||||||
Credit sales | 190 | 210 | 180 | 160 |
On average, 50% of credit sales are paid for in the current month, 30% in the next month, and the remainder in the month after that. What are the expected cash collections in months 3 and 4?(Enter your answers in whole dollars.) |
Expected cash collections | |
Month 3 | $ |
Month 4 | $ |
Hi. I keep getting the answer wrong. My calculations for month 3 is 36,000 + (.5 * 180000) + (.3*210000) + (.3*190000), which is 246000. The hw is saying that is wrong. Similarly, I do the same setup for month 4.
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