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Question - Gisi Ltd provides the following sales projections for the next four months:
July $42,000
August $54,000
September $66,000
October $36,000
Actual sales in May were $21,000 and in June were $33,000.
Past records reveal that approximately:
- 40% of sales are for cash and receive a 3% discount
- 75% of credit customers pay the month after sale, with the rest the following month (i.e. two months after sale) if they pay
- 5% of credit customers never pay
Inventory is sold at a mark-up of 200% (i.e. the cost price is one-third of the selling price) and Gisi requires closing inventory to be a half (1/2) of the following month's cost of goods sold. Inventory at 30 June 2010 was valued at $5,000.
Calculate the estimated total receipts from customers for each of the months July, August and September.
Determine the effect on the company's total net operating income of accepting the special order. Show your work.
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