Fox Trail Centers sales are all made on account. The firms collection experience has been...
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Fox Trail Centers sales are all made on account. The firms collection experience has been that 32% of a months sales are collected in the month the sale is made, 51% are collected in the month following the sale, and 15% are collected in the second month following the sale. The sales forecast for the months of May through August is as follows:
| May | $ | 231,000 | |
| June | 283,000 | ||
| July | 311,000 | ||
| August | 356,000 | ||
Required:Calculate the cash collections that would be included in the cash budgets for July and August.
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