AIM Company's budgeted sales and direct materials purchases are as - 10374

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yousafbhutta

yousafbhutta

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AIM Company's budgeted sales and direct materials purchases are as follows.

 

 

 

Budgeted Sales

Budgeted D.M. Purchases

 

January

$199,600

 

$27,000

 

 

February

274,900

 

34,800

 

 

March

235,800

 

45,100

 

 

AIM's sales are 50% cash and 50% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 20% in the second month following sale; 20% are uncollectible. AIM's purchases are 40% cash and 60% on account. Purchases on account are paid 30% in the month of purchase, and 70% in the month following purchase.

 

Prepare a schedule of expected collections from customers for March.

 

Prepare a schedule of expected payments for direct materials for March.

 

 

 

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