E8-11 Calculating Cash Receipts [LO 8-4] Shadee Corp. expects to sell 640 sun vi

Question

E8-11 Calculating Cash Receipts [LO 8-4] Shadee Corp. expects to sell 640 sun visors in May and 410 in June. Each visor sells for $19. Shadee's beginning and ending finished goods inventories for May are 65 and 50 units, respectively It expects the following unit sales for the third quarter: July August September 545 490 420 Sixty percent of Shadee's sales are cash. Of the credit sales, 54 percent is collected in the month of the sale, 36 percent is collected during the following month, and 10 percent is never collected Required: Calculate Shadee's total cash receipts for August and September. (Do not round your intermediate calculations. Round your answers to the nearest whole dollar.) August September Total Cash Recelpts

Explanation / Answer

Calculate cash receipts :

August September Cash sales 5586 4788 Collection from customer July sales 1491.12 August sales 2010.96 1340.64 September sales 1723.68 Total cash receipt 9088 7852

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