Munson Company reported the following information for 2011:
| |
October |
November |
December |
| Budgeted sales |
$930,000 |
$870,000 |
$1,080,000 |
• All sales are on credit.
• Customer accounts are collected 50% in the month of sale and 50% in the following month.
How much is still owed to Munson at December 31st if $12,800 were not collected from the amount that should have been collected from November sales in December?