Souper Duper sells pre-packaged soups. Souper Duper's actual and budgeted sales information for January, February, and March are as follows: Cash Sales Credit Sales Total Sales January (Actual) $80,000 $240,000 $320,000 February (Budgeted) $100,000 $360,000 $460,000 March (Budgeted) $60,000 $180,000 $240,000 10% of all sales made on credit are determined to be uncollectible. Of credit sales that are collectible, 50% are collected in the month of the sale and 50% is collected in the month following the sale. Inventory purchased, each month, are equal to 50% of the next month's projected total sales. All purchases of inventory are done on account with 25% paid in the month of purchase and the remainder paid in the month following the purchase. Required. What is Souper Duper's budgeted cash collections in February from January's credit sales? Do not use $ signs in your answer. Round your answer to the nearest dollar.

Souper Duper sells pre-packaged soups. Souper Duper's actual and budgeted sales information for January, February, and March are as follows: Cash Sales Credit Sales Total Sales January (Actual) $80,000 $240,000 $320,000 February (Budgeted) $100,000 $360,000 $460,000 March (Budgeted) $60,000 $180,000 $240,000 10% of all sales made on credit are determined to be uncollectible. Of credit sales that are collectible, 50% are collected in the month of the sale and 50% is collected in the month following the sale. Inventory purchased, each month, are equal to 50% of the next month's projected total sales. All purchases of inventory are done on account with 25% paid in the month of purchase and the remainder paid in the month following the purchase. Required. What is Souper Duper's budgeted cash collections in February from January's credit sales? Do not use $ signs in your answer. Round your answer to the nearest dollar.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 4PA: Budgeted income statement and supporting budgets for three months Bellaire Inc. gathered the...

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