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Polk Retailers is developing cash and other budget information for July, August, and September. At June 30, Polk had cash of $6,600, accounts receivable of $524,000, inventories of $371,280, and accounts payable of $159, The budget is to be based on the following assumptions: Sales Each month’s sales are billed on the last day of the month. Customers are allowed a 2% discount if payment is made within 10 days after the billing date. Receivables are booked gross. 65% of the billings are collected within the discount period, 20% are collected by the end of the month, 10% are collected by the end of the second month, and 5% prove uncollectible. Purchases 60% of all purchases of materials and selling, general, and administrative expenses are paid in the month purchased and the remainder in the following month. Each month’s ending inventory in units is equal to 120% of the next month’s units of sales. The cost of each unit of inventory is $ Selling, general, and administrative expenses, of which $3,000 is depreciation, are equal to 20% of the current month’s sales. Actual and projected sales are as follows:  The budgeted number of units of inventory Polk will purchase during September isA. 13,200 B. 10,560 C. 10,800 D. 11,040 |