4. The following sales budget has been prepared: Credit sales May June July August $20.000 $40,000 $60,000 $80,000 $40,000 60,000 80,000 100,000 Collections are 50 % in the month of sale, 40% in the month following the sale, and 5% two months following the sale. The remaining 5 % is expected to be uncollectible. The total cash received in May on May sales will be: $60,000 90,000 40,000 None of the above a) b)