Cloud Tech Ltd produces four types of drones, which are sold to local retail stores. The marketing department expects the following sales performance for the next year.

Required Prepare a monthly sales budget in units and dollars for the four drones combined for the months July to December. Show the balance of receivables in the statement of financial position at the end of the July to December period and the budgeted cash collections from sales for July to December.

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Series Selling price Annual sales (units) Mini XS $500 8 000 Classic $1 000 6.000 Swift $1 800 4 000 Zero X $2.500 2000 The budgeted annual sales are distributed by month in the following percentages. Month Percentage of annual sales January February March April May June 12 July August 22445266 September October November December 8 11 17 23 100% Of the receipts from sales, 75% is collected in the month of sale and the remainder in the following month.