EXERCISE 8-1 Schedule of Expected Cash Collections [L02 Midwest Products is a wholesale distributor of leaf rakes. Thus, peak sales occur in August of each year as shown in the company's sales budget for the third quarter, given below July August September Total Budgeted sales (all on account).. $600,000 $900,000 s500,000 $2,000,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled $430,000, and June sales totaled $540,000 Required 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter