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The management of Morton Company estimates that credit sales for August, September, October, and November will be $180,000, $200,000, $230,000, and $160,000, respectively. Experience has
The management of Morton Company estimates that credit sales for August, September, October, and November will be $180,000, $200,000, $230,000, and $160,000, respectively. Experience has shown that collections are made as follows:
In month of sale | 25 | % |
In first month after sale | 60 | % |
In second month after sale | 10 | % |
Determine the collections from customers in October and November.(If answer is zero, please enter 0. Do not leave any fields blank.)
Collections from Customers | October | November |
August Sales | $ | $ |
September Sales | ||
October Sales | ||
November Sales | ||
Total collections | $ | $ |
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