End of Part I a Part II Question One (15 marks) Beta Inc. is a wholesale distributor of beach umbrellas. Thus, peak sales occur in May of each year as shown in the company's sales budget for the second quarter, given below: April May June Budgeted Sales (All on account) $ 700,000 $ 500,000 $ 650,000 From past experience, the company has learned that 40% of a month's sales are collected in the month of sale, 50% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. February sales totaled $500,000, and March sales totaled $600,000. Required: Prepare a schedule of expected cash collections from sales for each month (April, May, and June). (15 marks)