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Arbor Co. has forecast sales to be $409,000 in May, $484,000 in June, $584,000 in July and $709,000 in August. Forty percent of sales are made in cash, the remainder is on credit. Credit sales are collected 60% in the month of sale, the remaining the following month. What are budgeted cash collections for July?

Multiple Choice

• $339,000

• $233,800

• $466,000

• $560,000