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| Super Drive, a computer disk storage and back-up company, uses accrual accounting. The company's Statement of Financial Position for the year ended November 30, is as follows: Super Drive Statement of Financial Position November 30 Sales are budgeted at $520,000 for December and $500,000 for January of the next year. Collections are expected to be 60% in the month of sale and 40% in the month following the sale. 80% of the disk drive components are purchased in the month prior to the month of sale, and 20% are purchased in the month of sale. Purchased components are 40% of the cost of goods sold. Payment for the components is made in the month following the purchase. Cost of goods sold is 80% of sales. The budgeted cash collections for the month of December are B. $462,000 C. $208,000 D. $402,000 |