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Collen Bakery purchases flour from a mill on a regular basis. The monthly purchase scheduling and ending payables is provided below.
Dec
Jan
Feb
Mar
Apr
May
June
Purchases
25
45
80
120
100
90
50
Ending payables
60
85
70
a. Calculate the day's purchases outstanding for March, April, May, and June using quarterly purchases to calculate the average daily purchases.
b. What is your conclusion regarding the firm's payment behavior?
c. Below is presented a table showing the amount of payables remaining in successive months for purchases made during the January through June period of operations. Convert the table to a balance fraction matrix and discuss the firm's payment pattern as represented by the balance fraction table.
d. What is your conclusion about the firm's payment pattern?
20
22
38
30
55
17
53
15
35
NA
Account Payables Balances
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