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Vaughn, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: Vaughn, Inc. reports all its
Vaughn, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are:
Vaughn, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July. Budgeted sales $300800 $290100 $320300 $280100 $209700 Budgeted purchases $145000 $120000 $128200 $133000 $90300 Customer amounts on account are collected 65% in the month of sale and 35% in the following month. . Cost of goods sold is 50% of sales. Vaughn purchases and pays for merchandise 50% in the month of acquisition and 50% in the following month. . Operating expenses are: Salaries, $50400; Depreciation, $13000; Rent, $15200; and Utilities, $13000. Accounts payable is used only for inventory acquisitions. How much cash will Vaughn receive during May from customersStep by Step Solution
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