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Lee Corporation collects 20% in the second month following sale, 40% in the month following sale and 32% of a month's sales in the month
Lee Corporation collects 20% in the second month following sale, 40% in the month following sale and 32% of a month's sales in the month of sale. The company has found that 8% of their sales are uncollectible. Budgeted sales for the upcoming four months are: August budgeted sales $290,000 September budgeted sales $340,000 October budgeted sales $310,000 November budgeted sales $270,000 The amount of cash that will be collected in November is budgeted to be
A. $248,400 B. $286,800 C. $278,400 D. $86,400
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