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Problem::

The projections of direct materials purchases that follow are the Sombo Corporation

	Purchases on Account	Cash Purchases
December	$40,000	$30,000
January	60,000	27,000
February	50,000	35,000
March	70,000	25,000

The company pays for 60% of purchases on account in the month of purchase and 40% in the month following the purchase.

Required:

Question: What is the expected cash payment for direct materials for the month of January of Sombo.

Note: Please provide through step by step calculations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164292

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