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Wentz Corporation produces and sells one product
Wentz 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:
A) $551,880
B) $579,600
C) $919,800
D) $1,131,480
Expert Solution
D) $11,31,480
The expected cash collections for August is closest to $11,31,480.
Cash collections for August
| 40% of sales in August | (11,500 * 40%) * 126 | $5,79,600 |
| 60% of sales in July | (7,300 * 60%) * 126 | $5,51,880 |
| Cash collections for August | $11,31,480 |
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