Exercise 14-13 (Algo) Cash receipts budget LO 4,7 Fox Trail Center's sales are all made on account. The firm's collection experience has been that 27% of a month's sales are collected in the month the sale is made, 50% are collected in the month following the sale, and 21% are collected in the second month following the sale. The sales forecast for the months of May through August is as follows: May June July August $225,000 294, eee 310,000 360,000 Required: Calculate the cash collections that would be included in the cash budgets for July and August. Cash collections July August