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Ebony Company has forecast sales to be $ 3 0 9 , 0 0 0 in May, $ 3 8 4 , 0 0 0

Ebony Company has forecast sales to be $309,000 in May, $384,000 in June, $484,000 in July and $609,000 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 $109,620. What are the budgeted cash receipts for July?  

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