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4 value 6.00 polnts Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May The following information has been assembled to assist in preparing a cash budget for the quarter a Budgeted monthly absorption costing income statements for April-July are Sales $ 590,000 $ 740,000 252,000 $ 390,000 413,000 518,000 176,400 273,000 Cost of goods sold Gross margin Selling and administrative expenses 177,000 222,000 75,600 117,000 Selling expense 80,000 112,500 29,500 39,000 Administrative expense 44,500 81,200 27.400 37,000 124,500 193,700 56,90076,000 $ 52,500 28,300 $ 18,700 $ 41.000 Total selling and administrative expenses Net operating income Includes $16,500 of depreciation each month b. Sales are 20% for cash and 80% on account c Sales on account are collected over a three-month period with 10% collected in the month of sale: 80% collected in the first month fo llowing the month of sale, and the remaining 10% collected in the second month following the month of sale. February's sales totaled $145,000, and March's sales totaled $255,000 d. Inventory purchases are paid for within 15 days. Therefore 50% of a month's inventory purchases are for in the month of purchase The remaining 50% is paid in the following month. Accounts payable at e Each months endinog entoy us eruhe merchandise to be sold in the folovwr arch 31 for inventory purchases during March total $112,700 Understanding 8. pdf