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The management of Ocean Industries estimates that credit sales for August, September, October, and November will be $540,000, $750,000, $840,000, and $480,000, respectively. Experience has
The management of Ocean Industries estimates that credit sales for August, September, October, and November will be $540,000, $750,000, $840,000, and $480,000, 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. (Do not leave any field blank. Enter 0 for the amounts.)
Collections from Customers | October | November | |||||
August Sales | $ | $ | |||||
September Sales | |||||||
October Sales | |||||||
November Sales | |||||||
Total collections | $ | $ |
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