Question
Novak Company's budgeted sales and direct materials purchases are as follows: Budgeted Sales Budgeted Direct Materials Purchases January $178,000 $33,000 February 214,000 37,000 March 317,000
Novak Company's budgeted sales and direct materials purchases are as follows:
Budgeted Sales | Budgeted Direct Materials Purchases | |||
---|---|---|---|---|
January | $178,000 | $33,000 | ||
February | 214,000 | 37,000 | ||
March | 317,000 | 47,000 |
Novak's sales are 40% cash and 60% credit. It collects credit sales 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Novak's purchases are 50% cash and 50% on account. It pays purchases on account 60% in the month of purchase, and 40% in the month following purchase.
Prepare a schedule of expected collections from customers for March.
NOVAK COMPANY Schedule of Expected Collections from Customers For the Month Ending March 31, 2022 | ||
---|---|---|
Januarycredit sales | $enter a dollar amount | |
Februarycredit sales | enter a dollar amount | |
Marchcash sales | enter a dollar amount | |
Marchcredit sales | enter a dollar amount | |
Total expected collections from customers | $enter a total amount |
Question Part Score
--/5
Prepare a schedule of expected payments for direct materials for March.
NOVAK COMPANY Schedule of Expected Payments for Direct Materials For the Month Ending March 31, 2022 | ||
---|---|---|
Februarycredit payments | $enter a dollar amount | |
Marchcash payments | enter a dollar amount | |
Marchcredit payments | enter a dollar amount | |
Total expected payments | $enter a total amount |
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