Question: May I ask for a solution and explanation to the question for a better understanding. Thank you! PROBLEM 7-A SALES BUDGET 1911 Sales volume for

May I ask for a solution and explanation to the question for a better understanding. Thank you!

May I ask for a solution and explanation to the question for

PROBLEM 7-A SALES BUDGET 1911 Sales volume for the year 2017 has bear astmated for Queennie Apparels as follows: Products Quarters Shirts Dresses Pants First 18,000 32,000 46,000 Second 21,000 35,000 49,000 Third 24,000 31,000 43,000 Fourth 20,000 29,000 40,000 Total 83,000 127,000 178,000 Selling prices for these products are: Shirts - P65; Dresses - P100; Pants - P180. An estimated 5% of sales is expected for sales returns and allowances. 80% of sales are on account and 20% is cash sales. 75% of credit sales is collected in the same quarter of the sale while 25% is collected in the following quarter. Required: Prepare a sales budget for the year 2017 with a schedule of expected cash collections

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