Emilio Company manufactures tablecloths. Emilio is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation. The Sales department has estimated sales as follows for July to December (in units): July August September October November December The selling price for each tablecloth is $12. Sales for June were $400,000. All sales are credit sales. Sales are expected to be collected 30% in the month of sale, 65% in the month following sale, and 5% are assumed uncollectible. 30,000 70,000 50,000 20,000 10,000 10,000 The company maintains finished goods inventories equal to 15% of the following month sales. The requirement will be met at the end of June. What is the expected cash collections from sales for the third quarter? O $1,547,500 O $1,580,000 O $1,515,000 O $1,320,000

Emilio Company manufactures tablecloths. Emilio is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation. The Sales department has estimated sales as follows for July to December (in units): The selling price for each tablecloth is $12. Sales for June were $400,000. All sales are credit sales. Sales are expected to be collected 30% in the month of sale, 65% in the month following sale, and 5% aro assumed uncollectible. The company maintains finished goods inventories equal to 15% of the following month sales. The requirement will be met at the end of June. What is the expected cash collections from sales for the third quarter? $1,547,500 $1,580,000 $1,515,000 $1,320,000