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What is the amount of sales revenue reported

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Question - Apollo Corporation produces and sells a single product, sewing machines, for $100 per unit. Budgeted sales for the next three months are given below:

Unit Sales

July 80,000

August 85,000

September 92,000

All sales are on credit and are collected in the following pattern: 30% in the month of sales and the remaining 70% in the month following sale.

1. What is the amount of sales revenue reported on the company's budgeted income statement for August?

2. Past experience has shown that end-of-month inventory levels must equal 20% of the following month's unit sales. How many units are required to be produced in August?

3. In August, how much cash the company can collect from sales?

4. In the company's balance sheet dated August 31, what is the balance of accounts receivable?

Reference no: EM132961557

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