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pls help Carmen is a retailer of scrapbooking products. The sales forecast for the coming months is: Apr10 May June July August FAR $ 259,000
pls help Carmen is a retailer of scrapbooking products. The sales forecast for the coming months is: Apr10 May June July August FAR $ 259,000 3268,000 $ 298,000 $ 344.000 $ 358,000 Carmen's sales are 60% cash and 40% store credit. The credit sales are collected 60% in the month of sale, the remainder the following month. Accounts recevable on April 1 are $33,000. Carmen's cost of sales averages 65% of revenues. The inventory policy is to carry 30% of next month's soles needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $130,000. a. Prepare a purchases budget for as many months as is possible. April May June July August % 9 Sales Cost of Sales Percentage Cost of Sales Ending Inv Beginning Inv Purchases b. Prepare a cash payments budget for April through July. April From This Month From Last Month Cash Payments c. Prepare a cash receipts budget for April through July. (Do not round Intermediate calculations.) April May June July Cash Sales Collected in the Month of Sale Collected the Following Month Cash Collected
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