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Prepare a sales budget for the third quarter

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Reference no: EM133187770

Question - Fancy Bikes, a supplier of sports bikes, estimates that in July, August and September of 2022, the number of bicycles to be sold are 2,500, 3,000 and 2,800 respectively. Each bike sells for $275. Based on historical records, cash sales in a given month averages 30%. For the sales on credit, the collection is normally as follows:

15% received in the month of the sale

65% received in the month after the sale

13% received two months after the sale

7% of the credit sales are never received

May and June 2022's credit sales are $600,000 and 650,000 respectively.

Required -

1. Prepare a sales budget for the third quarter of 2022 with totals for the quarter.

2. Prepare a cash collection budget for the third quarter of 2022, with totals for the quarter.

Reference no: EM133187770

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