Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in Ma of each year, as shown in the company's sales budget for the second quarter given below: Total April May June Budgeted sales (all on account) $470,000 $670,000 $230,000 $1,370,000 From past experience, the company has learned that 25% of a month's sales are collected in the mont of sale, another 65% 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. February sales totale $400,000, and March sales totaled $430,000