18. The Packaging Solutions Corporation has all sales on account. Regarding the collection, twenty-five perfect of the sales are collected in the month of the sale, thirty-five % in the month following the sale and the rest is collected in the second month following sale. The budgeted sales data for the months are shown below: May $30,000 June $40,000 July $60,000 August $20,000 Total sales What is the amount of cash that should be collected in July? 1 a) $34,000 b) $47,000 c) $51,000 d) $41,000