Business, 01.06.2021 14:00 antoniocapetillo80

Corporation has forecast the following sales for the first seven months of the year: January is $15,000 ; February is $17,000; March is 19,000; April is $25,000; May is $15,000; june is $21,000 and july is $23,000. Monthly material purchases are set equal to 40 percent of forecast sales for the next month. Of the total material costs, 50 percent are paid in the month of purchase and 50 percent in the following month. Labor costs will run $4,500 per month, and fixed overhead is $4,500 per month. Interest payments on the debt will be $3,500 for both March and June. Finally, the Denver salesforce will receive a 3.00 percent commission on total sales for the first six months of the year, to be paid on June 30.
Prepare a monthly summary of cash payments for the six-month period from January through June. (Note: Compute prior December purchases to help get total material payments for January.) Answer the following questions:

1.The total payment is in January ( 1 marks )
16,000
12,000
15,400
12,320

16,000

12,000

15,400

12,320
2.The total payment is in February

16,000

12,000

9,280

16,200
3.The total payment is in March ( 2 marks )

6,320

12,000

(3,720)

21,300
4.The total payment is in April

6,000

12,000

17,000

16,320
5.The total payment is in May

16,200

5,000

(3,720)

16,320
6.The total payment is in June

16,000

24,660

17,600

16,32

Answers: 3

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Corporation has forecast the following sales for the first seven months of the year: January is $15...

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