Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations: The expected cash collections for February is closest to:

$927,300

Explanation:

Calculation for expected cash collections for February

First step is to calculate January sales cash collection

January sales cash collections=[(7500 units * $110 per unit)*70%]

January sales cash collections = $825,000*70%

January sales cash collections=$577,500

Second step is to calculate February sales cash collections

February sales cash collections=[( 10,600 units * $110 per unit)*30%]

February sales cash collections= $1,166,000 × 30%

February sales cash collections= $349,800

Now let calculate the expected cash collections for February using this formula

February expected cash collections=January sales cash collections+February sales cash collections

Let plug in the formula

February expected cash collections =$577,500+$349,800

February expected cash collections=$927,300

Therefore the expected cash collections for February is closest to: $927,300

sumif(range,criteria,sum_range)

the range is range of cells you want to be included.

criteria in the form of a number, expression, or text that defines which cells will be added. for example, criteria can be expressed as 32, "32", "> 32", "apples".

sum_range is the actual cells to add if their corresponding cells in range match the criteria