Golden Saucer company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year. These peak sales are shown in the following sales budget for the second quarter: Budgeted Sales April May $400,000 $600,000 June Total $300,000 $1,300,000 From past experience, the company has learned that 25% of a month sales are collected in the current month, that another 65% is collected in the following month, and the remainning 10% is collected in the 2nd following month. February sales totalled $380,000 and March sales totalled $360,000 Required: 1) Prepard the cash collection part of the sales budget for the second quarter $ 2) What is the Accounts Receivable balance at the end of the quarter2