Q23

Sheffield, Inc. reports all its sales on credit and pays operating costs in the month incurred. Amounts for 2022 are: March April . June July $299900 $289900 $319500 $279200 $210500 Budgeted sales Budgeted purchases $144200 $120000 $127200 $131500 $90800 . Customer amounts on account are collected 80% in the month of sale and 20% in the following month. . . Cost of goods sold is 65% of sales. Sheffield purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month. Operating expenses are: Salaries, $50500; Depreciation, $12600; Rent, $15900; and Utilities, $14000. Accounts payable is used only for inventory acquisitions. . . How much is Sheffield's May 31, 2022 budgeted Accounts Receivable? O $63900 $255600 O $319500 O $313580