20.00 points Midwest Products is a wholesale distributor of leaf rakes. Thus, peak sales occur in August of each year as shown in the company's sales budget for the third quarter, given below: July $563,000 776,000$469,000 $1,808,000 August September Total Budgeted sales (all on account) From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled $411,000, and June sales totaled $505,000 Required 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter. (Do not round intermediate calculations.) Schedule of Expected Cash Collections July August September Total May sales June sales July sales August sales September sales Total cash collections