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
$373,300
May
411,800
June
415,300
Wight typically pays 40% on account in the month of billing and 60% 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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