Zisk Company purchases direct materials on credit. Budgeted purchases are April, $99,000; May, $129,000; and...
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Zisk Company purchases direct materials on credit. Budgeted purchases are April, $99,000; May, $129,000; and June, $139,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $89,000. Prepare a schedule of cash payments for direct materials for April, May, and June. April May June 70% Current period purchases Ending accounts payable Total purchases 30% ZISK COMPANY June Schedule of Cash Payments for Direct Materials April May Cash payments for: Current period purchases Prior period purchases Total cash payments
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