7. Parkers Car Restoration expects the following sales for March April, and May. The controller has determined that the company collects credit sales in the following pattern: collects cash at the time of sale from 30% of customers. Of the remaining sales, 50% are collected in the month following the sale, and 10% are uncollectible. The sales budget for the first seven months of the year is as follows: Cash Sales Credit Sales March $55,000 $440,000 50,000 250,000 May 75,000 300,000 April How much cash will be collected from customers in May? Cash Budget March April May Cash Sales Credit Sales 30% in month of sale 50% in month after sale 10% in the second month after the sale Totals