Arbor Co. has forecast sales to be $418,000 in May, $493,000 in June, $593,000 in July and $718,000 in August. Forty percent of sales are made in cash, the remainder is on credit. Credit sales are collected 60% in the month of sale, the remaining the following month. What are budgeted cash collections for July? Multiple Choice $569,000 $237,500 $345,000 $474,000