Logan company's budgeted sales and direct materials purchases are as follows.
budgeted s...
Logan company's budgeted sales and direct materials purchases are as follows.
budgeted sales budgeted d. m. purchases
january $300,000 $60,000
february 330,000 70,000
march 350,000 80,000
logan's sales are 40% cash and 60% credit. credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. hagen's purchases are 50% cash and 50% on account. purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase.
instructions
(a) prepare a schedule of expected collections from customers for march.
(b) prepare a schedule of expected payments for direct materials for march.
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