Sheffield, Inc. reports all its sales on credit, and pays operating costs in the month...
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Sheffield, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July Budgeted sales $299100 $289300 $320600 $280400 $209900 Budgeted purchases $143800 $119700 $128800 $131300 $89900 Customer amounts on account are collected 65% in the month of sale and 35% in the following month. . Cost of goods sold is 50% of sales. Sheffield purchases and pays for merchandise 50% in the month of acquisition and 50% in the following month. Operating expenses are: Salaries, $49900; Depreciation, $11900; Rent, $15600; and Utilities, $14400. Accounts payable is used only for inventory acquisitions. How much cash will Sheffield receive during May from customers? O $306530 O $309645 O $208390 O $300255
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