Ginobili has forecast sales to be $115,900 in February, $156,600 in March, $163,900 in April, and $177,700 in May. The

Question

Ginobili has forecast sales to be $115,900 in February, $156,600 in March, $163,900 in April, and $177,700 in May. The average cost of goods sold is 70% of sales. 49% of sales are on made on credit, the rest are for cash. The sales on credit are collected 65% in the month of sale, and 35% the month following. What are budgeted cash receipts in March on cash sales in March? ------------------- Ginobili has forecast sales to be $139,600 in February, $152,700 in March, $168,200 in April, and $179,200 in May. The average cost of goods sold is 70% of sales. 36% of sales are on made on credit, the rest are for cash. The sales on credit are collected 65% in the month of sale, and 35% the month following. What are budgeted cash receipts on credit sales in March collected in March? ------------------------- Ginobili has forecast sales to be $133,700 in February, $156,400 in March, $161,000 in April, and $174,000 in May. 45% of sales are on made on credit, the rest are for cash. The sales on

Help In Homework · Accepted Answer

Solution 1 :- Budgeted cash receipts in March on cash sales in March = 51% of march sales =51%*$156,600 =$79,866 Solution 2:-the budgeted cash receipts on credit sales in March collected in March = 65% of March's credit sales =65% * ($152,700*36%) =$35731.80 Solution 3:-the total budgeted cash receipts in March =Cash sales of March + 70% of March's Credit sales + 30% of February's Credit =55%*$156,400 + 70%*($156,400*45%) + 30%*($133,700*45%) =$86020 + $49266 + $18049.5 =$153335.50

Why Choose Us?

0% AI Guarantee

24/7 Support

Plagiarism Free

Expert Tutors

100% Confidential

On-Time Delivery

Ginobili has forecast sales to be $115,900 in February, $156,600 in March, $163,900 in April, and $177,700 in May

Expert Solution

Archived Solution