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Two (30 points) Avaya Company manufactures metal cans; it has the following historical collection pattern for its credit sales. 70 percent collected in the month
Two (30 points) Avaya Company manufactures metal cans; it has the following historical collection pattern for its credit sales. 70 percent collected in the month of sale. 12 percent collected in the first month after sale. 10 percent collected in the second month after sale. 7 percent collected in the third month after sale. 1 percent uncollectible. The sales on account have been budgeted for the last seven months as follows: April $9,000 May 62,000 June 80,000 July 85,000 August 90,000 September 100,000 October 85,000 Required: Compute the estimated total cash collections during July from credit sales
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