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On March 31, Streuling Enterprises, a merchandising firm, had an inventory of 38,000 units, and it had accounts receivable totaling $85,000. Sales, in units, have been budgeted as follows for the next four months:
April 60,000
May 75,000
June 90,000
July 81,000
Streuling's board of directors has established a policy to commence in April that the inventory at the end of each month should contain 40% of the units required for the following month's budgeted sales.
The selling price is $2 per unit. One-third of sales are paid for by customers in the month of the sale; the balance is collected in the following month.
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