McFarland Company makes 60 percent of its sales in cash. Credit sales are collected as follows: 60 percent in the month of sale and 40 percent in the month following the sale, McFarland's budgeted sales for upcoming months follow, June July August September $24,000 40,000 38,000 36,000 Required: Compute McFarland's expected cash receipts for August Budgeted Cash Recipts