Lombardi's Fine Foods is a producer of Italian foods. The company prepares its foods from fresh...

 

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Lombardi's Fine Foods is a producer of Italian foods. The company prepares its foods from fresh ingredients and then sells the items to grocery store. chains. All the company's sales are made on credit. The budgeted sales and cash collection pattern for the third quarter of year 2 are shown below: July August September $2,080,000 $3,162,000 $2,854,000 Budgeted sales Cash collection pattern Month of sale 35% Month following month of sale 42% Second month following month of sale 20% Third month following month of sale 3% Budgeted sales for April Budgeted sales for May Budgeted sales for June Collections from April sales Collections from May sales. Collections from June sales i Collections from July sales Collections from August sales Collections from September sales Total monthly collections $2,548,000 $2,802,000 $3,326,000 Complete the following schedule of cash collections for Lombardi's Fine Foods by inserting the correct values into the spaces provided: Lombardi's Fine Foods Schedule of Cash Collections For the Quarter Ending September 30, Year 2 August July $76,440 $2,761,760 $84,060 873,600 September $99,780 Lombardi's Fine Foods is a producer of Italian foods. The company prepares its foods from fresh ingredients and then sells the items to grocery store. chains. All the company's sales are made on credit. The budgeted sales and cash collection pattern for the third quarter of year 2 are shown below: July August September $2,080,000 $3,162,000 $2,854,000 Budgeted sales Cash collection pattern Month of sale 35% Month following month of sale 42% Second month following month of sale 20% Third month following month of sale 3% Budgeted sales for April Budgeted sales for May Budgeted sales for June Collections from April sales Collections from May sales. Collections from June sales i Collections from July sales Collections from August sales Collections from September sales Total monthly collections $2,548,000 $2,802,000 $3,326,000 Complete the following schedule of cash collections for Lombardi's Fine Foods by inserting the correct values into the spaces provided: Lombardi's Fine Foods Schedule of Cash Collections For the Quarter Ending September 30, Year 2 August July $76,440 $2,761,760 $84,060 873,600 September $99,780

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Step 11 Particulars Sales Collections from April Sales Collectio... View the full answer