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Question - Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows:
October
November
December
Cash Sales
$100,000
$120,000
$80,000
Credit Sales
$150,000
$90,000
Total
$200,000
$270,000
$170,000
Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are collected in the month following the month of sale. Customers are granted a 1.5% discount for payment within 10 days of billing. Approximately 75% of collectible credit sales take advantage of the cash discount.
Inventory purchases each month are 100% of the cost of the following month's projected sales. (The gross profit rate for Timpco is approximately 30%.) All merchandise purchases are made on credit, with 25% paid in the month of purchase and the remainder paid in the following month. No cash discounts for early payment are available.
Required -
1. Calculate the budgeted total cash receipts for November and December.
2. Calculate budgeted cash payments for November and December (budgeted total sales for January of the coming year equals $200,000).
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