Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Shadee Corporation expects to sell 510 sun shades in May and 400 in June. Each shades sells for $16. Shadees beginning and ending finished goods

Shadee Corporation expects to sell 510 sun shades in May and 400 in June. Each shades sells for $16. Shadees beginning and ending finished goods inventories for May are 65 and 50 shades, respectively. Ending finished goods inventory for June will be 50 shades.

It expects the following unit sales for the third quarter:

July560August480September430

Sixty percent of Shadees sales are cash. Of the credit sales, 54 percent is collected in the month of the sale, 36 percent is collected during the following month, and 10 percent is never collected.

Required:

Calculate Shadees total cash receipts for August and September.

Note: Do not round your intermediate calculations. Round your answers to the nearest whole dollar.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microcomputers In Managerial Accounting

Authors: George Hildebrand

1st Edition

0938188275, 978-0938188278

More Books

Students also viewed these Accounting questions

Question

Write down the Limitation of Beer - Lamberts law?

Answered: 1 week ago

Question

Discuss the Hawthorne experiments in detail

Answered: 1 week ago

Question

Explain the characteristics of a good system of control

Answered: 1 week ago

Question

State the importance of control

Answered: 1 week ago

Question

b. Why were these values considered important?

Answered: 1 week ago