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Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter. The sales forecasts for the next five quarters
Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter. The sales forecasts for the next five quarters are as follows:
Quarter in Coming Year | Following Year | |||||
First | Second | Third | Fourth | First Quarter | ||
Sales forecast | $372 | $360 | $336 | $384 | $384 | |
Calculate Paymore's cash payments to its suppliers assuming that two-thirds of the purchases are paid for in the quarter that they are purchased and one-third are paid in the following quarter. (Do not round intermediate calculations.)
Quarter 1: Payment = ?
Quarter 2: Payment = ?
Quarter 3: Payment = ?
Quarter 4: Payment = ?
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