Global Electronics’ cost of goods sold generally runs at 70% ofsales. Inventory is purchased on acco

Global Electronics’ cost of goods sold generally runs at 70% ofsales. Inventory is purchased on account, and 40% of each month’spurchases are paid during the month of purchase. The remainder ispaid during the following month. In order to have adequate stocksof inventoryo hand, the firm attempts to have inventory at the endof each monthequal to half of the next month’s projected costofgoods sold. Projected sales for Dec of 20×0 are $800,000. Credit sales aretypically 75% of total sales. Global credit experience indicatesthat 10% of credit sales are collected during the month of sale ,and the remainders are collected during the follwoing month. Attached

 

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