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Arbor Co has forecast sales to be $406,000 in May, $481,000 in June $581000 in July and $706,000 in August. Forty percent of sales are made in cash, the remainder is on credit. Credit sales are collected 60% in the month of sale, the remaining the following month. What are budgeted cash collections for July? Multiple Choice $557,000 $338,000 $464.000