To avoid any uncertainty regarding his business’ financing needs at the time when such needs may arise, Cyrus Brown wants to develop a cash budget for his latest venture: Cyrus Brown Manufacturing (CBM). He has estimated the following sales forecast for CBM over the next 9 months:
March $100,000April $275,000May $320,000June $450,000July $700,000August $700,000September $825,000October $500,000November $115,000
He has also gathered the following collection estimates regarding the forecast sales:
Payments for direct manufacturing costs like raw materials and labor are made during the month that follows the one in which such costs have been incurred. These costs are estimated as follows:
March $187,500April $206,250May $375,000June $337,500July $431,250August $640,000September $395,000October $425,000
Additional financial information is as follows:
To receive full credit on this assignment, please show all work, including formulas and calculations used to arrive at the financial values.
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