Refer to the Yoder sales budget that you prepared in Short Exercise S22- 3.
Yoder Company manufactures luggage sets. Yoder sells its luggage sets to department stores. Yoder expects to sell 1,500 luggage sets for $ 175 each in January, and 1,750 luggage sets for $ 175 each in February. All sales are cash only. Prepare the sales budget for January and February.
Now assume that Yoder’s sales are collected as follows: 50% in the month of the sale 30% in the month after the sale 18% two months after the sales 2% never collected November sales totaled $ 300,000 and December sales were $ 325,000. Prepare a schedule for the budgeted cash receipts from customers for January and February. Round answers to the nearest dollar.