Solid State sells electronic products. The controller is responsible for preparing the master budget and has accumulated the information below for the months of January, February, and March Balances at January 1 are expected to be as follows: Cash $5,500 Inventories $309,400 Accounts receivable 416,100 Accounts payable 133,055 The budget is to be based on the following assumptions: 1. Each month's sales are billed on the last day of the month. 2. 3. 4. Customers are allowed a 3% discount if their payment is made within 10 days after the billing date. Receivables are booked at gross. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, and 996 by the end of the second month after the date of sale; 6% prove uncollectible. It pays 54% of all materials purchases and the selling, general, and administrative expenses in the month purchased and the remainder in the following month. Each month's units of ending inventory are equal to 130% of the next month's units of sales. 5. The cost of each unit of inventory is $20. 6. 7. Selling, general, and administrative expenses, of which $2,000 is for depreciation, are equal to 15% of the current month's sales. Actual and projected sales are as follows: Month November Sales Units $354,000 11,800 December 363,000 12,100 January 357,000 11,900 February 342,000 11,400 March 360,000 12,000 April 366,000 12,200 (a) * Your answer is incorrect. Calculate the budgeted cash disbursements during the month of February. (b) Total cash disbursements for February $ eTextbook and Medla Save for Later 342000 Attempts: 1 of 3 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above