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4. On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made

4. On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made on account. The following information was used in preparing estimated cash collections:

August sales (actual)

$

40,000

September sales (actual)

$

50,000

October sales (estimated)

$

20,000

November sales (estimated)

$

70,000

December sales (estimated)

$

60,000

-

Approximately 60% of all sales are collected in the month of the sale, 30% is collected in the following month, and 10% is collected in the month thereafter.

(SHOW ALL CALCULATIONS! Points will be deducted if only the answer amount is given.)

a. Budgeted collections from customers in October will total how much?

b. Budgeted collections from customers in November will total how much?

c. Budgeted collections from customers in December will total how much?

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