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Expected direct materials purchases for Planet of the Grapes Wine Company are $75,000 in the...

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Accounting

Expected direct materials purchases for Planet of the Grapes Wine Company are $75,000 in the first quarter and $85,000 in the second quarter. 30% of the purchases are paid in cash as incurred and the 70% balance is paid in the following quarter. The budgeted cash payments for purchases in the second quarter are:
$112,000
$85,000
$48,000
$78,000
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