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The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2022 : Credit sales are collected as follows: 70 percent in
The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2022 : Credit sales are collected as follows: 70 percent in the month of the sale. 25 percent in the month after the sale. 5 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $70,150 ( $61,200 of which was uncollected December sales). a. Compute the sales for November. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. b. Compute the sales for December. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. c. Compute the cash collections from sales for each month from January through March. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. \begin{tabular}{|l|l|} \hline a. November sales & \\ \hline b. December sales & \\ \hline c. January collections & \\ \hline February collections & \\ \hline March collections & \\ \hline \end{tabular}
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