Preparation of collection forecast form sales.
Use the data below from a company's sales for January-June to get a forecast for the collection forecast, including cash sales, for June.
|
Month
|
Sales
|
|
January
|
$220,000
|
|
February
|
140,000
|
|
March
|
150,000
|
|
April
|
140,000
|
|
May
|
170,000
|
|
June
|
150,000
|
Of the sales above, 30 percent are for cash and 70 percent are for credit. Of the credit sales, 55 percent are collected one month later, 30 percent are collected two months later, and 15 percent are collected three months later. What is the collection forecast for June?