Hi-value Products Company is creating an operating budget for the 3rd quarter and will begin with a sales budget. Budgeted sales are $100,000 in July, $120,000 in August, and $160,000 in September. 75% of sales are cash and 25% of sales are on account. Please use the following format and prepare a sales budget.
Definitions:
Inventory Valuation
The method of calculating the cost of goods available for sale, either at the end of a reporting period or at real-time, using techniques like FIFO, LIFO, or weighted average.
Physical Inventory Worksheet
A document used during a physical inventory count to record and tally all inventory items in storage physically.
Open Purchase Orders Report
A document listing all purchase orders that have been issued but not yet fulfilled or closed.
Accounts Payable
The amount of money a company owes to its suppliers or creditors for goods or services received but not yet paid for.
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