Kermit has forecast sales to be $410,000 in February, $540,000 in March, $580,000 in April, and...

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Kermit has forecast sales to be $410,000 in February, $540,000 in March, $580,000 in April, and $620,000 in May. The average cost of goods sold is 60% of sales. All sales are made on credit and sales are collected 50% in the month of sale, 30% the month following and the remainder two months after the sale. What are budgeted cash receipts in May? $592,000 $620,000 310,000 $483,334 Kermit has forecast sales to be $410,000 in February, $540,000 in March, $580,000 in April, and $620,000 in May. The average cost of goods sold is 60% of sales. All sales are made on credit and sales are collected 50% in the month of sale, 30% the month following and the remainder two months after the sale. What are budgeted cash receipts in May? $592,000 $620,000 310,000 $483,334

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Mayoktions t620000 50 310000 ... View the full answer