Question $20$ of $37$

$125$

Novak, Inc. has budgeted sales revenues as follows:

$\backslash$table$[[,$June,July,,August$],[$Credit sales,$$136,000,$$$131,000,$$$,92,000],[$Cash sales,$91,000,250,000,,197,000],[$Total sales,$$227,000,$$$381,000,$$$,289,000]]$

Past experience indicates that $60\%$ of the credit sales will be collected in the month of sale and the remaining $40\%$ will be collected in the following month. Purchases of inventory are all on account with $50\%$ is paid in the month of purchase and $50\%$ paid in the month following purchase. Budgeted inventory purchases are as follows:

$\backslash$table$[[$June$,$$$308,000$