Ebony Company has forecast sales to be $$308,000$ in May, $$383,000$ in June, $$483,000$ in July and $$608,000$ in

August. Assume that $40\%$ of sales are made in cash, and the remainder is on account. Credit sales are partially

collected in the month of sale, with all collections completed by the end of the month following the sale. The August $31$

accounts receivable is budgeted to be $$109,440.$ What are the budgeted cash receipts for July?

Multiple Choice

$$396,300$

$$271,800$

$$465,000$

$$422,000$