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The Elliot Corporation has forecast the following sales for the first seven months of the year:… 1 answer below » The Elliot Corporation has forecast the following sales for the first seven months of the year: January $12,000 May $12,000 February 16,000 June 20,000 March 18,000 April 24,000 July 22,000 Monthly material purchases are set equal to 20 percent of forecasted sales for the next month. Of the total material costs, 40 percent are paid in the month of purchase and 60 percent in the following month. Labor costs will run $6,000 per month, and fixed overhead is $3,000 per month. Interest payments on the debt will be $4,500 for both March and June. Finally, Elliot sales force will receive a 3 View complete question » The Elliot Corporation has forecast the following sales for the first seven months of the year: January $12,000 May $12,000 February 16,000 June 20,000 March 18,000 April 24,000 July 22,000 Monthly material purchases are set equal to 20 percent of forecasted sales for the next month. Of the total material costs, 40 percent are paid in the month of purchase and 60 percent in the following month. Labor costs will run $6,000 per month, and fixed overhead is $3,000 per month. Interest payments on the debt will be $4,500 for both March and June. Finally, Elliot sales force will receive a 3 percent commission on total sales for the first six months of the year, to be paid on June 30. Prepare a monthly summary of cash payments for the six-month period from January through June. (Note: Compute prior December purchases to help get total material payments for January.) View less » Oct 09 2015 06:26 PM
