Niu companys budgeted sales and direct materials purchases, Ask an Expert

Accounting

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

Budgeted Sales Budgeted D.M. Purchases
January $204,000 $30,600
February 224,400 35,700
March 275,400 41,820

NIU'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. NIU'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.

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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976299

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