Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: Material purchases February January $ 13,240 $ 15,350 March $ 12,170 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $8,000. The budgeted cash payments for materials in January are: Multiple Choice $8.000 Next > 11 Save & Exit Submit Memphis Company anticipates total sales for April, May, and June of $830,000, $930,000, and $980,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of May. Multiple Choice $543,900 $628,950