Question: Hi, Please help me answer these. If you aren't sure about the answer, Please don't provide me with an incorrect answer and have me waste
Hi, Please help me answer these. If you aren't sure about the answer, Please don't provide me with an incorrect answer and have me waste a question post. Thank You!
Yancey Company budgeted direct materials purchases of $191,260 in January and $139,520 in February. Assume Yancey pays for direct materials purchases 80% in the month of purchase and 20% in the month after purchase. The Accounts Payable balance on January 1 is $50,000. Prepare a schedule of cash payments for purchases for January and February, including the calculation for the Accounts Payable balance on February 28 . Round to the nearest dollar. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty; do not enter a zero.)
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