Reference no: EM13673326
Aztec Company sells its product for $170 per unit. Its actual and projected sales follow.
Units Dollars
April (actual) 5,500 $935,000
May (actual) 2,600 442,000
June (budgeted) 6,000 1,020,000
July (budgeted) 5,500 935,000
August (budgeted) 4,200 714,000
All sales are on credit. Recent experience shows that 28% of credit sales is collected in the month of the sale, 42% in the month after the sale, 27% in the second month after the sale, and 3% proves to be uncollectible. The product's purchase price is $110 per unit. All purchases are payable within 12 days. Thus, 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 21% of the next month's unit sales plus a safety stock of 75 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,824,000 and are paid evenly throughout the year in cash. The company's minimum cash balance at month-end is $150,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $150,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 10% interest rate. On May 31, the loan balance is $35,000, and the company's cash balance is $150,000. (Round final answers to the nearest whole dollar.)
Prepare a table that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July.
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