8.00 points Ssilver Company makes a product that is very popular as a Mother\'s

Question

8.00 points Ssilver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below April $300,000 May $500,000 Budgeted sales (all on account) $200,000$1,000,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the sales totaled $230,000, and March sales totaled $260,000. Required 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Silver Company Schedule of Expected Cash Collections April May June Total February sales March sales April sales May sales June sales Total cash collections

Explanation / Answer

ANSWER:    

n = 10,   = 54000,   s = 15000

           

            Lower limit = 43,269.443, and upper limit = 64,730.557

We must assume that the population distribution of salaries is normal, especially since the sample size is so small.

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