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Wight Inc. purchases raw materials on account for use in production. The direct materials purchases...

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Accounting

Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,400

May 410,400

June 416,200

Wight typically pays 20% on account in the month of billing and 80% the next month.

Required:

1. How much cash is required for payments on account in May?

2. How much cash is expected for payments on account in June?

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