John's supervisor is working on the company's budgeted balance sheet for quarter 2 , and he delegates budgeting for the ending A/R balance to John. He gets right to work, realizing that he can't determine the June 30AR balance without a schedule of cash receipts, and all of that hinges on the sales forecast. He gathers information about the company's collection policies and trends, along with relevant information from the sales department, as follows. - Sales volume is expected as follows: Aprit, 685 units: May, 760 units; June, 725 units; and July, 760 units. - Average selling price is expected to be $65 per unit. - Historically, 25% of each month's sales are cash sales; all remaining sales are on credit. - 50% of each month's sales are credit card/debit card sales, subject to a 2% merchant fee. All appropriate receipts will be deposited into the company's account in the month of sale. 25\% of each month's sales are trade credit sales. 30% of trade credit customers pay their balance in the month of the sale. and 65% pay in full the month following the sale. 5% of trade credit sales go uncollected. - The AR balance on March 31 was $8,500, reflecting the remaining collectible amount from March credit sales. Your answer is correct Help John prepare the sales forecast for quarter 2 Coutlining amounts for each month and for the quarter overall). 6 Your answer is partially correct. Prepare the quarter 2 schedule of cash receipts (outlining amounts for each month and for the quarter overall). (Round answers to 2 decimai places, eg. 15.25) May credit sales 3705 8027.5 11722.5 June cash sales June card sales June credit sales Total cash receipts