A Company makes a product. Thus, peak sales occur in May of each year, as...
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Accounting
A Company makes a product. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $ 490,000 $ 690,000 $ 220,000 $ 1,400,000 From past experience, the company has learned that 25% of a months sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected
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