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What the budgeted collections for the month of october is

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Omaha Furniture Mart has the following information:

Month                  Budgeted Sales

June                      $68,000

July                        72,000

August                    80,000

September                  76,000

October                       80,000

The cost of merchandise sold is 60% of sales and the desired ending inventory level is 25% of next month's cost of merchandise sold.

Question1 : All sales are on credit. 70% of sales is collected in the month of sale and the remaining 30% in the next month. The budgeted collections for the month of October is

Option 1: $77,200

Option 2: $76,000

Option 3: $77,600

Option 4: $73,600

Option 5: $80,000

Option 6: $78,800

Reference no: EM132529489

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