Crydon, Inc., manufactures an advanced swim fin for scuba divers. Management is

Question

Crydon, Inc., manufactures an advanced swim fin for scuba divers. Management is now preparing detailed budgets for the third quarter, July through September, and has assembled the following information to assist in preparing the budget:

a. The Marketing Department has estimated sales as follows for the remainder of the year (in pairs of swim fins):
The selling price of the swim fins is $18 per pair.


July 6,900 October 4,900
August 7,900 November 3,900
September 5,900 December 3,900

b. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern:


41% in the month of sale
49% in the month following sale
10% uncollectible

The beginning accounts receivable balance (excluding uncollectible amounts) on July 1 will be $138,000.

c.
The company maintains finished goods inventories equal to 12% of the following month

Explanation / Answer

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