Given the subsequent data compute shermans budgeted cash

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Q. Sherman Industry has a cash balance on January 1 of $123,219. Given the subsequent data, compute Sherman's budgeted cash balance on March 31. Round all amounts to the nearest dollar.
Past also budgeted future activity, in $000:
Sales Operating expense

November 1,625 525
December 1,790 460
January 1,428 448
February 1,295 395
March 1,306 421
April 1,422 404

Sherman has a gross profit of 40%, also has a policy of maintaining an inventory of 150% of expected next-month sales. Operating expenses are paid 75% in the current month, also 25% in the subsequent month. Purchases of merchandise are paid for 50% in the current month, also 50% in the subsequent month. All sales are on credit. Normal pattern of collections is: 40% in month of sale, 44% in subsequent month, 11% in next subsequent month, 5% uncollectible.

Reference no: EM1395607

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