Hammond's Cookie Toppings Makes Payments on Its Inventory Purchases as Follows

question 149

Multiple Choice

Hammond's Cookie Toppings makes payments on its inventory purchases as follows: 25% in the month of purchase,65% in the following month,and 10% in the second month following purchase.Budgeted inventory purchases for June,July,and August are $15,000,$19,000 and $24,000,respectively.What is the budgeted amount of cash payments to account for inventory in August at Hammond's Cookie Toppings?

• A)$18,500
• B)$7,850
• C)$5,800
• D)$19,850

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