Question

Ingralls sells bolts of fabric for $80 per bolt. The following sales forecast ( in bolts)...

Ingralls sells bolts of fabric for $80 per bolt. The following sales forecast ( in bolts) for the first quarter was prepared:. January - 600 bolts; February - 1,000 bolts; March -700 bolts. cash collection of sales as follows:. 60 percent in the month of sale, 30 percent in the month following sale, and 9 percent in the second month following sale. How much are cash receipts for March expected to be?

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Answer #1

Collection in march

From march sales

$      33,600.00

30% of feb sales

$      24,000.00

9% of jan sales

$        4,320.00

Total collections for march

$      61,920.00

Jan

Feb

Mar

Sales units

600

1000

700

Sale price

$          80.00

$           80.00

$            80.00

Total sales revenue

$ 48,000.00

$   80,000.00

$    56,000.00
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