The management of Ocean Industries estimates that credit sales for August, September, October, and November will be
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Question:
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%
Instructions
Determine the collections from customers in October. Show all computations to be submitted.
$825,000. | |
$614,000. | |
$816,000. | |
$714,000. | |
None of these will work. |
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