Q 4

Pharoah Company produces and sells chairs. Monthly budgeted sales are as follows: June 500 July 550 August 260 September 450 October 480 The ending inventory of finished goods is 5% of the next month's budgeted sales. 10% of sales are budgeted as cash sales and the remaining sales are budgeted as credit sales. According to the company records, 40% of credit sales are collected in the same month, 35% are collected in the next month, 22% are collected two months after the sale, and remaining are uncollectible. If the company is selling 1 chair for $150, then calculate total cash received in September. O $62105 O $59670 O $61575 O $58778