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Question - The table below provides a firm's projected sales for the year 2021. About 35% of a month's sales is collected in the same month whereas the remainder is collected in the next month. Purchases are 80% of sales and are made a month before the sales month. The firm's average payment period (APP) is 27 days. Assume there are 30 days in a month.
Sales (RM) in July, 2021 - RM 52,500
Sales (RM) in August, 2021 - RM 54,000
Sales (RM) in September, 2021 - RM 58,500
Required -
a) What is the total amount of sales collection in August 2021?
b) What is the total amount of purchase disbursement in August 2021?
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