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Galaxy Lighting Company manufactures and sells lighting fixtures. Estimated sales for the next three months are:
September: 350000
October: 500,000
November: 400,000
Sales for August were $400,000. All sales are on account. Galaxy Lighting Company estimates that 60% of the accounts receivable are collected in the month of sale with the remaining 40% collected the following month. The units sell for $25 each. The cash balance for September 1 is $100,000.
Generally, 60% of purchases are due and payable in the month of purchase with the remainder due the following month. Purchase cost per unit for materials is $15. The company maintains an end-of-the-month inventory of 10% of next month's unit sales.
Selling and administrative expenses paid in cash are $120,000 per month.
Problem 1: How to prepare a monthly cash budget for September for Galaxy Lighting Company?
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