Fit and Tight Plumbing Supply Company makes all sales on a credit basis. The company has forecast sales for the upcoming quarter as follows: July August September Budgeted credit sales $40,000 $45,000 $56,000 Experience has shown that 60% of a months sales are collected in the month the sales take place, 25% are collected in the month that follows the sale, and the final 15% is collected in the second month following sale. Bad debts are negligible and are ignored for budgeting purposes. May and June actual sales were $45,000 and $50,000, respectively (and these months' collections have followed the pattern described above). What amount of cash receipts from sales will the company budget for August? a. $45,000 b. $27,000 c. $43,250 d. $44,500