Fortune Inc. reports all its sales on credit, and pays operating costs in the month incurred.

Amounts for 2020 are: March April May June July

Budgeted sales $300,000 $290,000 $320,000 $280,000 $210,000

Budgeted purchases $144,000 $120,000 $128,000 $132,000 $90,000

Customer amounts on account are collected 70% in the month of sale and 30% in the following month. Cost of goods sold is 60% of sales. Fortune purchases and pays for merchandise 40% in the month of acquisition and 60% in the following month. Operating expenses are: Salaries, $50,000; Amortization, $12,000; Rent, $15,000; and Utilities, $14,000; Accounts payable is used only for inventory acquisitions. How much cash will Fortune receive during May from customers?

Select one: a. $308,000 b. $311,000 c. $224,000 d. $299,000 e. None of the above