Jack Hanson the assistant accountant is now preparing a monthly budget for the first quarter of 2016 In the process the following information has been accumulated Projected sales for December 2015 are 400000 Credit sales typically are 75 per cent of total sales Universitys credit experience indicates that 10 percent of the credit sales are collected during the month of sales and the remainder are collected during the following month Universitys cost of goods sold generally runs at 70 percent

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Prepare a sales budget as follows Sales budget Particulars 2010 2011 1st Quarter December Janu... View the full answer