Blue has forecast sales to be $419,000 in February, $549,000 in March, $589,000 in April, and $629,000 in May. The average cost of goods sold is 60% of sales. All sales are made on credit and sales are collected 50% in the month of sale, 30% the month following and the remainder two months after the sale. What are budgeted cash receipts in May?

• $629,000

• $601,000

• $490,682

• $314,500