Memphis Company anticipates total sales for April, May, and June of $940,000, $1,040,000, and $1,090,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of May.

Multiple Choice

• $699,750.

• $959,750.

• $1,028,500.

• $664,500.

• $756,000.