Information pertaining to Noskey Corporation's sales revenue follows: Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account: 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Required: Determine for Noskey: 1. Budgeted cash collections in December 2018 from November 2018 credit sales. 2. Budgeted total cash receipts in January 2019. 3. Budgeted total cash payments in December 2018 for inventory purchases. Complete this question by entering your answers in the tabs below. Budgeted cash collections in December 2018 from November 2018 credit sales, (Do not round intermediate calculationsi) Budgeted total cash receipts in January 2019. (Do not round intermediate calculations.) Budgeted total cash payments in December 2018 for inventory purchases. (Do not round intermediat
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Information pertaining to Noskey Corporation's sales revenue follows-.docx
1. Information pertaining to Noskey Corporation's sales revenue follows: Management estimates
5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of
sale and the remainder in the month following the month of sale. Purchases of inventory each
month include 70% of the next month's projected total sales (stated at cost) plus 30% of
projected sales for the current month (stated at cost). All inventory purchases are on account:
25% is paid in the month of purchase, and the remainder is paid in the month following the
month of purchase. Purchase costs are approximately 60% of the selling price. Required:
Determine for Noskey: 1. Budgeted cash collections in December 2018 from November 2018
credit sales. 2. Budgeted total cash receipts in January 2019. 3. Budgeted total cash payments in
December 2018 for inventory purchases. Complete this question by entering your answers in the
tabs below. Budgeted cash collections in December 2018 from November 2018 credit sales, (Do
not round intermediate calculationsi) Budgeted total cash receipts in January 2019. (Do not
round intermediate calculations.) Budgeted total cash payments in December 2018 for inventory
purchases. (Do not round intermediat
