Williams Company sells women's hats for $12 ench. Actual and budgeted sales in units for nine months are as follows 25,000 December (budget) . 50,000 28,000 25,000 July (actual) September (actual) October (budget) 65,000 March (budget) The company should have sufficient inventory on hand at the end ofeach month to supply 40% ofthe hats sold in the following month Suppliers are paid $4.50 cach for a hat One half of a month's purchases are paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 20% of month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Monthly operating expenses for the company are given below: Expenses are paid in the month incurred Variable: Sales Fixed: M. 4% ofsales $190,000 22,000 106,000 Advertising.. Salaries.... Utilities 5,000 Additional Information: a In October the company will pay $53,750 for restructuring costs b. Insurance is paid on an annual basis, in April of each year c. The company plans to purchasc investments for $161 250 cash in November. declares dividends of $15,000 cach quarter, payable in the first month of the following quarter c. The company f. The company plan to collect $50,000 from common stock issued in November. A listing of the company's ledger accounts as of September 30, is given below $74,000 Cash Accounts Receivable ($31,200 August Sales 5384.000 Scntember salcs) ge 1 o1 2 578 wordsEnglish (United States) 26648 28 MacBook Pro