Morganton Company makes one product and it provided the following information to

Question

Morganton Company makes one product and it provided the following information to help prepare the master budget for its four months of operations: (a) The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 8,400, 15,000, 17,000, and 18,000 units, respectively. All sales are on credit. (b) Thirty-percent of credit sales are collected in the month of the sale and 70% in the following month. (c) The ending finished goods inventory equals 30% of the following month

Explanation / Answer

What is the accounts receivable balance at the end of July = 0.7(15000 x 65) = $682500

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.