. Hagen Company's budgeted sales and direct materials purchases are as...
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Accounting
. Hagen Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales $300,000 330,000 350,000 Budgeted D.M. Purchases $60,000 70,000 80,000 January February March Hagen's sales are 40% cash and 60% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Hagen's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. Instructions (a) Prepare a schedule of expected collections from customers for March. (b) Prepare a schedule of expected payments for direct materials for March
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