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Jeanclaude Corporation produces and sells one product. The budgeted selling price per unit is $105. Budgeted unit sales for July, August, September, and October are 7,400, 7,500, 13,800, and 15,300 units, respectively. All sales are on credit. Regarding credit sales, 40% are collected in the month of the sale and 60% in the following month. The budgeted accounts receivable balance at the end of August is closest to:

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ayokenny2001

Answer:

$472,500

Explanation:

Given that ;

Budgeted unit sales for July = 7,400

Budgeted unit sales for August = 7,500

Budgeted unit sales for September = 13,800

Budgeted unit sales October = 15,300

Since all sales are on credit , and for credit sales, 40% are collected in the month of sale and 60% in the following month. Budgeted selling price = $105 per unit

Therefore;

Accounts receivable balance(August)

= Budgeted unit sales for August × Budgeted selling price × 60% of credit sales collected in the following month.

= ( 7,500 × $105 ) × 60%

= $472,500

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