Galina, Inc. has prepared the following direct materials purchases budget: IT Month June July August September...

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Galina, Inc. has prepared the following direct materials purchases budget: IT Month June July August September October Budgeted DM Purchases $68,000 78,000 76,900 79,700 78,800 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October. Galina, Inc. has prepared the following direct materials purchases budget: IT Month June July August September October Budgeted DM Purchases $68,000 78,000 76,900 79,700 78,800 All purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October.

Answer rating: 100% (QA)

To calculate the budgeted balance of accounts payable at the end of October we need to calculate the total purchases for each month and then determine ... View the full answer