Question
In: Accounting
Corvi Corporation produces and sells one product. The budgeted selling price per unit is $126. Budgeted...
Corvi Corporation produces and sells one product. The budgeted selling price per unit is $126. Budgeted unit sales are shown below:
| July | August | September | October | |||||||
| Budgeted unit sales | 7,300 | 11,500 | 14,200 | 12,100 | ||||||
All sales are on credit with 40% collected in the month of the sale and 60% in the following month. The expected cash collections for August is closest to:
Multiple Choice
- $551,880
- $1,131,480
- $919,800
- $579,600
Solutions
Expert Solution
expected cash collections for August is=(40%*August)+(60%*July)
=(0.4*(11500*126))+(0.6*(7300*126)
which is equal to
=$1,131,480(B)
ekkarill92 answered 2 years agoRelated Solutions
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